Contract details emerge following Reds' signing of Emilio Pagán and Nick Martinez

The Cincinnati Reds officially signed Emilio Pagán and Nick Martinez on Friday and both pitchers were present at RedsFest.

Reds President of Baseball Operations Nick Krall knew he needed to improve both the starting rotation and the bullpen this offseason, and it appears as though he's just getting started.

Both Pagán and Martinez signed two-year deals with the Reds this past week, though there are some differences with how the two deals are structured. Let's look at the details surrounding both contracts.

Contract details emerge following Reds' signing of Emilio Pagán and Nick Martinez

Emilio Pagán's deal is rather straight forward. The former Minnesota Twins reliever signed a one-year contract with a player-option for the 2025 season. The deal, according to The Athletic (subscription required), will pay Pagán $8 million in 2024 and the same once again in 2025 if he accepts his option.

Pagán was 5-2 with a 2.99 ERA in 66 appearances out of the Twins bullpen last season. The right-hander posted 65 strikeouts and figures to be a fixture at the backend of Cincinnati's bullpen next season.

The Athletic also had the contract details for Nick Martinez's two-year/$26-million contract. The former San Diego Padres swingman will earn $14 million in 2024 and another $12 million in 2025. However, Martinez's deal includes an opt-out after next season.

Much like Nick Castellanos in 2021, the Reds are unlikely to be subject to a buyout should Martinez decide to opt out follow the 2024 season. However, if Martinez greatly exceeds expectations, the Reds could attach a Qualifying Offer to the right-hander and receive draft compensation should he enter free agency again next winter.

It would appear that Nick Martinez will enter next season with an opportunity to start, but he'll have some stiff competition from the likes of Brandon Williamson, Connor Phillips, and Andrew Abbott; all of whom will be entering their second season in the big leagues.