The two-year pact with an opt-out after 2026 is contingent on a physical and has not had further terms publicly announced.

Pagán’s path to the big leagues began with a 2013 stint in Seattle, then a 2017 Cubs debut where he flourished with a 2.65 ERA in 24 games, later refining his splitter-heavy mix.”

Emilio Pagán delivered a standout 2025 season for the Reds, serving as the late-season closer and posting a breakout line of 70 appearances, a 2.88 ERA, 0.92 WHIP, 81 strikeouts, and a league-leading tally of 32 saves (second in the NL).

The deal was reported by MLB.com’s Mark Feinsand and corroborated by insiders including Ken Rosenthal and Jon Heyman’s circle via social posts.

Pagán agreed to return to the Cincinnati Reds on a two-year contract worth $20 million, pending a physical, with an opt-out after the 2026 season.

This followed a 2024 injury-plagued year where Pagán posted a 4.50 ERA over 38 games, but his 2025 resurgence solidified his role as a trusted closer.

Over nine MLB seasons, Pagán has a 28-27 record, 3.66 ERA, and 65 saves, having played for Seattle, Oakland, Tampa Bay, San Diego, Minnesota, and Cincinnati.

Pagán’s 2025 performance helped the Reds clinch a playoff berth for the first time since 2013, highlighting a late-career resurgence.

Earlier stops with San Diego and Minnesota saw him serving as setup man and occasional closer, including a strong 2023 season with a 2.99 ERA, five wins, and notable contributions.

Cincinnati previously pursued Devin Williams before he signed with the Mets; Pagán’s return follows a prior two-year, $16 million deal with the Reds in 2023.

The Athletic reported the initial deal, with additional AP contributions providing context.