David Bednar could give the San Francisco Giants the established closer they lacked in 2026. If he declines the New York Yankees’ qualifying offer, signing him this winter would cost San Francisco a draft pick.

That’s the biggest obstacle for a front office trying to fix its bullpen while continuing to build its farm system.

Bednar converted 35 of 39 save chances and posted a 2.47 ERA for the Yankees in 2026. The Giants used 12 pitchers to record a save and blew 27 save opportunities. With Randy Rodriguez working back from Tommy John surgery after an Arizona Fall League setback, San Francisco has reason to look outside the organization for a closer.

Bednar’s Qualifying Offer Raises the Cost

The Yankees extended a one-year, $23.15 million qualifying offer to Bednar. He has until Tuesday to accept and return to New York for 2027. If he declines, signing him before the 2027 draft would trigger a compensation penalty under the current rules.

Spotrac projects the Giants to finish below the luxury-tax threshold. For a revenue-sharing payor in that position, MLB’s rules call for the loss of the club’s second-highest pick and the bonus money attached to it, plus $500,000 from its international signing pool. San Francisco used that international pool to sign shortstop Luis Hernandez for $5 million in January.

“I think it’s going to be harder for us with the QO,” Giants president of baseball operations Buster Posey said at the general managers meetings, according to the San Francisco Chronicle (subscription required).

Posey said the club needed to be selective to protect the farm system it has been building. The Chronicle reported that the Giants are looking for a closer, and Bednar’s case is about how much of an upgrade he could provide over their other options.

What Would Make Bednar Worth the Pick?

Raisel Iglesias gives the Giants a comparison. He saved 34 games with a 2.55 ERA for Atlanta and reached free agency without a qualifying offer. At 32, Bednar is four years younger than Iglesias. The case for giving up a pick would depend on the Giants projecting that Bednar can give them more seasons of dependable late-inning work.

San Francisco would also need enough room in its offseason plans to add starting pitching. If Bednar declines and relievers such as Iglesias come off the board, a deal makes more sense at a guarantee that still lets the Giants fill those rotation openings. An established closer carries more value when the starters can regularly hand him a lead.