CINCINNATI — Free agency is afoot in Major League Baseball, and the Cincinnati Reds will certainly make moves. But will they make a big one?
Nick Krall, the Reds’ president of baseball operations, said Tuesday that the team will have money to spend, but payroll won’t be much different this upcoming season than it was last season.
According to Cot’s Baseball Contracts, the Reds’ Opening Day payroll last year was close to $112 million, its highest since 2022, but short of the pre-pandemic level of 2019 when it was nearly $127 million. The Reds followed that 2019 payroll by doling out more than $165 million in free-agent contracts in 2020 when signing Mike Moustakas, Nick Castellanos, Shogo Akiyama, Wade Miley and Pedro Strop in the largest free-agent outlay in franchise history.
This offseason, Krall and company have already made some moves, trading Ryan Vilade to the Tampa Bay Rays for cash considerations and clearing a spot on the team’s 40-man roster. The Reds also signed free-agent right-hander Keegan Thompson to a one-year deal, a split contract that will pay him a prorated $1.3 million in the big leagues and a prorated $350,000 in the minors, along with up to $100,000 in performance bonuses.
Cincinnati also trimmed payroll by outrighting infielder Santiago Espinal and right-hander Ian Gibaut to Triple-A Louisville, but both players refused the assignment and became free agents.
On Wednesday, the team declined its options on relievers Brent Suter and Scott Barlow, as well as outfielder Austin Hays. All three are free agents.
Baseball’s offseason operates on a defined schedule, but unlike the leagues with salary caps, Wednesday’s opening of free agency is unlikely to produce any big moves, with the marquee names often waiting until at least the Winter Meetings in December to find their new teams, if not much longer.
The Reds are coming off their first playoff appearance since 2020 and their first in a full season since 2013. The starting pitching staff is deep and talented, but the team needs to rebuild its bullpen and improve its offense, whether via trade or free-agent signings.
Here’s a look at the Reds’ offseason regarding the offseason calendar:
Nov. 6: Teams can negotiate with free agents from other teams
Middletown native Kyle Schwarber would be the perfect fit for the Reds, giving them the big bat they need, a veteran in the clubhouse and a fan favorite. But Schwarber is coming off the best year of his career, and his last team, the Philadelphia Phillies, is motivated to keep him.
Pete Alonso could also fit, but he will likely command a longer contract than Schwarber and doesn’t have ties to Cincinnati that make it a natural spot for him, as it does for Schwarber.
While the Reds could use outfield help, that market is not robust beyond the top of it with Kyle Tucker and Cody Bellinger.
Other free agents who could fit in the Reds’ outfield include Trent Grisham and Mike Yastrzemski.
The Reds also need to add to their bullpen, and with the team not picking up Suter’s and Barlow’s options, along with Nick Martinez and Emilio Pagán reaching free agency and the possible non-tender of Sam Moll, it needs bodies.
Tony Santillan appears to be next in line to close, but the Reds could reunite themselves with former closer Raisel Iglesias, who is a free agent.
It’s not out of the question that the Reds would bring back Martinez and/or Pagán, but that depends on the market.
Nov. 10-13: GM meetings in Las Vegas
While the GM meetings don’t have the pomp and circumstance that December’s Winter Meetings do, it is where teams start discussing possible trade matches.
Terry Francona is a finalist for National League Manager of the Year after his first season managing the Reds. (Katie Stratman / Imagn Images)
Nov. 11: Manager of the Year announced
Reds manager Terry Francona is one of three finalists for the National League Manager of the Year, along with the Milwaukee Brewers’ Pat Murphy and the Phillies’ Rob Thomson.
Nov. 18: Deadline to protect players ahead of Rule 5 Draft
The Reds have cleared up enough roster space to add their young players who need to be on the 40-man roster to protect them from being picked in December’s Rule 5 Draft.
Shortstop Edwin Arroyo and outfielder Héctor Rodríguez are the Reds’ No. 8 and No. 9 prospects, according to MLB.com, and are expected to be added to the team’s 40-man roster. Infielder Leo Balcazar, who is hitting .329 in the Arizona Fall League, is another likely addition, along with right-hander Jose Franco.
Nov. 21: Deadline to tender contracts to arbitration-eligible players
The Reds have 11 arbitration-eligible players, with right-hander Brady Singer, catcher Tyler Stephenson and designated hitter Gavin Lux in their final year of arbitration.
Most players get raises through the arbitration process, so each of those 11 could expect a raise if the Reds tender them a contract. Moll is a non-tender candidate.
Lefty Nick Lodolo is arbitration-eligible for the second time, while Spencer Steer, TJ Friedl, Matt McLain, Santillan, Graham Ashcraft and Will Benson are arbitration-eligible for the first time.
Dec. 8-11: Winter Meetings in Orlando
The Winter Meetings don’t produce the results that fans seem to expect every year. There will likely be a few trades and some signings, but it’s mostly a chance for everyone in the game to be in the same place at the same time.
The meetings, though, do have two tentpole events, both of which are more procedural than anything: the MLB Draft lottery on Dec. 9 and the Rule 5 Draft on Dec. 10.
Jan. 8, 2026: Players and clubs exchange arbitration figures
The Reds have traditionally been a file-and-trial team, meaning that if they don’t have an agreement for a one-year deal by Jan. 8, they will go to an arbitration hearing. However, the team will continue to negotiate a longer-term extension up until the hearing.
Jan. 15, 2026: Start of new international signing period
While nowhere near as sexy as the MLB Draft, which is homely compared to the NFL’s and NBA’s drafts, the international signing period is one of the most important dates on the calendar. However, because the majority of players who sign are teenagers as young as 16, it takes many years for those players to contribute at the big-league level.
Feb. 21, 2026: Reds vs. Guardians in Goodyear, Ariz.
The Cactus League schedule, released Wednesday, begins with the Reds playing a road game at their spring home of Goodyear Ballpark against their complex-mates, the Cleveland Guardians. The beginning of spring training exhibitions marks the de facto end to the offseason.