Reds watch Devin Williams slip away and their bullpen picture looks alarming

When considering the free-agent market for the Cincinnati Reds’ two major needs — a big bat and a high-leverage bullpen arm — it seems obvious which route they should take with their limited budget.

A top slugger would eat up all of the Reds’ cash and then some. A reliever would leave room for other deals. However, the New York Mets’ signing of Devin Williams to a three-year, $51 million may indicate that a top reliever could exceed the Reds’ spending ability. The Reds were rumored to be interested in signing Williams, but they weren't going anywhere near that price tag.

Williams’ deal comes as a bit of a surprise given his struggles with the New York Yankees in 2025. The former Milwaukee Brewers star lost his role as closer and still commanded an AAV that is more than half of the Reds’ spending power. Viewed alongside Ryan Helsley’s two-year, $28 million deal with the Baltimore Orioles, the closer market seems to be pricing the Reds out.

Devin Williams’ lucrative contract is a warning sign for the Reds

The remaining closers on the market are either far outside the Reds’ budget (Robert Suarez, Edwin Diaz) or are questionable due to age, injury history, or past performance (Kenley Jansen, Pete Fairbanks, and Luke Weaver). Kyle Finnegan would be a fit, but the Detroit Tigers are reportedly pushing hard to re-sign the former All-Star. Most other options slot in better as a setup man or specialist rather than a shutdown closer.

That may bring the Reds back to familiar names. Emilio Pagán has been vocal about his belief in the franchise and desire to return to the team. Now is the time for Cincinnati to make progress on bringing him back — like the Braves did with Raisel Iglesias — if the team is serious about re-signing him. Otherwise, the Reds will need to lean on internal options.

Tony Santillan is likely the frontrunner among the Reds’ current players. Like Pagán, Santillan can grind. He pitched 73 ⅔ innings last season, and 135 plate appearances came in a high-leverage situation. If he takes well to the role, the Reds will have their closer locked in through the 2028 season. If the Santillan experiment fails, though, Cincinnati may look back at this offseason as the moment when its bullpen approach collapsed.