The New York Yankees finished 2026 with baseball's second-best bullpen ERA (3.13), but maintaining that success could prove challenging with several key relievers entering free agency.

At the top of general manager Brian Cashman's priority list should be retaining closer David Bednar, who converted 35 of 39 save opportunities with a 2.47 ERA.

The Yankees extended Bednar a $23.15 million qualifying offer, but there's no guarantee he'll return. The 32-year-old has until November 17 to accept or decline the one-year deal. If he declines it, a multi-year contract could be more appealing.

Re-signing Paul Blackburn should also be a priority after his successful transition into a full-time relief role. Blackburn posted an impressive 1.54 ERA across 60 appearances, and the Yankees have reportedly expressed strong interest in a reunion.

But even if both pitchers return, New York could benefit from additional high-leverage arms. Here are five trade targets worth exploring this offseason.

1. Anthony Bender, Miami Marlins

Anthony Bender might not be the flashiest name on the trade market, but he could represent a practical addition for New York.

The 31-year-old right-hander finished 2026 with a 2.62 ERA, 0.96 WHIP, and 41 strikeouts across 34 1/3 innings.

Bender relies heavily on his sinker-slider combination, an arsenal that could translate well into a seventh- or eighth-inning role.

The Yankees have found success identifying relievers with effective pitch profiles and maximizing their production. Bender fits that approach without necessarily requiring New York to surrender significant prospect capital.

Whether Miami would entertain offers remains unclear, but Bender could provide an experienced
late-inning option at a potentially reasonable cost.

2. Jeremiah Estrada, San Diego Padres

Jeremiah Estrada offers an appealing combination of velocity, strikeout potential, and remaining team control.

The 28-year-old right-hander recorded 38 strikeouts over 31 innings in 2026, finishing with a 3.48 ERA across 33 appearances.

Injuries limited his availability, including a shoulder issue that raises questions about his health entering 2027.

However, Estrada recorded 108 strikeouts across 73 innings in 2025, demonstrating his potential as a legitimate high-leverage weapon when healthy.

His remaining years of control would make him an appealing longer-term addition, although San Diego has little incentive to move him cheaply.

If the Yankees are comfortable with his medical outlook, Estrada could provide the swing-and-miss setup option their bullpen needs.

3. Andrés Muñoz, Seattle Mariners

Andrés Muñoz is coming off a disappointing season by his standards, but his track record makes him difficult to overlook.

The two-time All-Star finished 2026 with a career-worst 4.24 ERA, converting 28 saves while blowing 10 opportunities.

Still, Muñoz owns a career 2.67 and 105 saves with Seattle, demonstrating his ability to handle high-pressure situations.

The Mariners exercised his $9 million club option for 2027, making him an affordable but potentially difficult trade target.

If Bednar returns, Muñoz could become a formidable setup man who can take over closing duties when necessary. If Bednar departs, he offers an established ninth-inning alternative.

Seattle would need a compelling reason to part with him, but New York should investigate whether his difficult 2026 season has created an opportunity.

4. Trevor Megill, Milwaukee Brewers

Trevor Megill presents an intriguing opportunity, particularly given Milwaukee's history of trading established pitchers before they reach free agency.

The 33-year-old right-hander finished 2026 with a 2.63 ERA, 0.89 WHIP, 69 strikeouts and 30 saves across 61 2/3 innings.

He also impressed during Milwaukee's World Series championship run, posting a 2.00 ERA with five saves and 11 strikeouts across nine postseason innings.

According to ESPN's Jeff Passan, the Brewers are willing to listen to trade offers for their closer, who is entering his final year of team control.

That approach would hardly be surprising.

Milwaukee has repeatedly moved valuable pitchers approaching free agency, including Josh Hader, Devin Williams, Corbin Burnes, and Freddy Peralta, prioritizing younger, controllable talent to sustain long-term success.

With Abner Uribe, Aaron Ashby, and DL Hall providing bullpen depth, the Brewers could potentially afford to move Megill if the return makes sense.

For New York, he offers proven closing experience and immediate late-inning stability, potentially at a more manageable acquisition cost than some of the game's younger elite relievers.

And it wouldn't be the first time the Yankees have shown interest.

5. Mason Miller, San Diego Padres

Of all the relievers the Yankees could pursue, Mason Miller is undoubtedly the most ambitious target.
He's also among the least likely to be available.

The 28-year-old finished 2026 with a remarkable 1.67 ERA, 0.90 WHIP, 129 strikeouts, and 38 saves across 70 innings.

Pairing Miller with a re-signed Bednar would immediately give New York one of baseball's most intimidating late-inning combinations. But acquiring Miller would come at an enormous cost.

In 2025, San Diego surrendered top prospect Leo De Vries to acquire Miller from the Athletics. With the right-hander under team control through 2029, the Padres have little incentive to move him.

Still, the Yankees and Padres are certainly no strangers to blockbuster negotiations.

In December 2023, Cashman and Padres president of baseball operations A.J. Preller completed the seven-player trade that sent Juan Soto and Trent Grisham to New York in exchange for five players, including Michael King.

The circumstances surrounding Miller are considerably different, but that history is worth remembering.

With San Diego potentially looking to strengthen its starting rotation, the Yankees possess young pitching that could generate interest. However, surrendering multiple top prospects for a reliever would be difficult to justify given other roster needs.

Is Miller a realistic trade target? Probably not.

But if Cashman is serious about building a bullpen that can shut down opposing lineups in October, making the phone call certainly wouldn't hurt.

After all, the last time these organizations pulled off an offseason blockbuster, Juan Soto ended up wearing pinstripes.