Insider's free agent connection will have Reds fans begging for Emilio Pagán reunion

If the Cincinnati Reds fail to re-sign Emilio Pagán, they could be in the market for a closer later this winter. Pagán will become a free agent once the World Series ends, and while some Reds fans assume that Tony Santillan or another one of Cincinnati's young relievers can just step into that high-leverage role, the job of a closer is a different animal altogether.

Former Reds General Manager Jim Bowden, who's now a columnist for The Athletic (subscription required), surmised that a reunion with Raisel Iglesias could be a possibility if Cincinnati is unable to retain Pagán this offseason. Bowden believes Iglesias will be able to command a two-year, $24 million contract on the open market.

In addition to the Reds, the former GM listed Iglesias' current team, the Atlanta Braves, along with the Athletics, San Francisco Giants, Baltimore Orioles, Los Angeles Angels, and Detroit Tigers as potential fits for the 35-year-old reliever.

Reds fans will be begging to sign Emilio Pagán reunion if it means avoiding a reunion with Raisel Iglesias

In the same column — Top 50 MLB free agents for 2025-26 — Bowden projected Pagán to take home a two-year deal worth $22 million. Though the Braves closer may actually have the more accomplished résumé, at this stage of the game, most Reds fans would prefer Pagán to Iglesias.

Iglesias, who pitched for the Reds from 2015-2020, went 4-6 last season with a 3.21 ERA in 70 appearances out of the Braves bullpen. Iggy struck out 73 batters over 67⅓ innings pitched and recorded 29 saves. Pagán, on the other hand, went 2-4 with a 2.88 ERA over 68⅔ innings of work. The veteran right-hander struck out 81 batters and racked up a career-high 32 saves in 2025.

Pagán and Iglesias have proven enough over their respective careers to warrant a multi-year deal, but with both pitchers being in their mid-30s, neither is expected to take home more than a two-year pact. The Reds front office and ownership must decide whether it's worth the cost to retain a veteran arm at the backend of the bullpen, or turn over closing duties to one of the young up-and-comers.

Reds fans will have a clear picture of Cincinnati's intent within the coming days. Once the World Series comes to a close, the MLB offseason officially begins.