Reds reunion with Emilio Pagán gets a major boost following Terry Francona's remarks

Cincinnati Reds reliever Emilio Pagán declined his player-option last week — forgoing the final year of contract — and entered the free agent market for the third time in four years. But Pagán could opt to re-sign with the Reds this offseason, and one of the biggest proponents of this idea is Terry Francona.

The Reds Hot Stove League radio show returned this week, and Francona was among the guests on the program. He spoke glowingly about the Reds' closer, and is hopeful that Pagán and the Reds can work out a new deal.

"I love the guy," Francona said. "You know, he's such a phenomenal teammate. He bailed us out. You know, when we made him the closer, it allows you to work from back to front when you know there's an end in sight. I'm not giving up on him coming back. He has the right to test the market, but I don't think it's any secret how much I've enjoyed him, and how much I respect him, and how much I love him."

Terry Francona’s latest comments put Emilio Pagán firmly back on Reds’ radar

Pagán entered free agency last winter after posting a 2.88 ERA across 70 relief appearances while racking up a career-high 32 saves. He eventually inked a two-year, $20 million deal with the Reds during the offseason, but his 2026 campaign was somewhat of a rollercoaster ride.

Pagán struggled during the first month of the 2026 season, owning an obscene 6.43 ERA and 5.81 FIP through his first 15 appearances. He recorded six saves, but blew three, and was only striking out 17.7% of the batters he faced.

Pagán suffered what looked like a season ending injury during a game against the Chicago Cubs in early May. But he was able to return to the mound in July, and was one of the best relievers in baseball over the final three months of the season. The right-hander covered 28⅔ innings, struck out 34 batters, and posted a 1.88 ERA. He also went a perfect 19-for-19 in save opportunities.

If Pagán signs elsewhere, the Reds could certainly put their $10 million savings to good use. But they'd also need to replace his production at the backend of the bullpen — something they struggled to do during his absence in May and June. While Pagán was on the IL, Reds relievers were responsible for eight blown saves and posted a 5.38 ERA and 12.5% walk rate.

Pagán has spoken openly about his affinity for Francona, the city of Cincinnati, and the Reds organization. It definitely feels like a reunion that's destined to happen, but fans will have to wait and see.

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