For the second time in the last seven years, the low-budget Rays fought their way to the World Series, but ultimately fell just short. The Rays were the best team in the American League this season, but they were outmatched in the Fall Classic by the Brewers, losing in five games.

After coming so close to the franchise’s first championship, the Rays will look to re-tool and assemble another squad capable of making a deep October run, while, of course, navigating a shoestring budget as they so often do.

We’ll take a look at what impending free agents the Rays have on the roster, as well as those with options for the 2027 season. Additionally, we’ll explore potential trade candidates and free agent fits Tampa can explore during the offseason.

Rays free agents

Pitchers: RHP Drew Rasmussen (club option), Freddy Peralta, Nick Martinez (mutual option)

Position players: Jorge Mateo, Taylor Walls (club option)

Drew Rasmussen: Rasmussen’s contract with Rays includes a club option worth $20 million, thanks to his dominant season. That’s a tall order for a team that paid its entire roster a collective $95 million in ‘26. There’s a chance the team will attempt to re-work Rasmussen’s deal in order to bring down the average annual value over multiple seasons, rather than pay him the $20 million he’s owed.

Freddy Peralta: Peralta will be an unrestricted free agent after the season, and his late turnaround should secure him a sizable deal on the open market, one the Rays are unlikely to compete with. He was acquired as a rental at the trade deadline, and despite some important performances in October, there’s little chance he’ll be back in a Rays uniform in 2027.

Nick Martinez: Like Rasmussen, Martinez has a mutual option in his contract worth $20 million. Assuming the veteran right-hander exercises his end of the option, the Rays would need to agree to pay him the $20 million or incur a $4 million buyout, the latter of which seems the more likely outcome. Martinez was great in 2026, but this isn’t a Rays team that’s going to pay two starters $20 million, especially not one that’s entering his age-37 season.

Taylor Walls: Walls has a $3.1 million club option in his contract for next season, and given his defensive prowess in the middle infield, there’s a strong likelihood it will be exercised by the Rays. Walls leaves plenty to be desired offensively, but he led all shortstops with 21 defensive runs saved, according to The Fielding Bible’s metrics.

Jorge Mateo: Mateo has only been with the Rays a short time, having signed with the team in August after being released by the Braves. It’s unlikely he’ll be retained by Tampa, as the team has a solid middle infield with some young players, such as Carson Williams and Ben Williamson, who will be looking to claim larger roles next year.

Areas of need and potential free agent fits

With two, potentially three key arms from their starting rotation likely departing in free agency, the Rays will need to replenish their starting rotation. Rasmussen will be their top priority in terms of retention, but they’ll need to replace the likes of Martinez and Peralta. They could dip into the farm system and elevate someone like Brody Hopkins or Ty Johnson, both of whom reached MLB in relief roles this season. Alternatively, they could look to add some depth on the open market. In addition to the rotation, the Rays may look to add some power to the lineup, possibly filling a corner outfield position, as well as upgrade their bullpen.

Shane Bieber: Bieber is coming off a season in which he made just 11 starts for the Blue Jays. He has a history of success as a premier starter in MLB, but he may be looking for a prove-it deal on the open market. That would make the Rays an ideal fit, as they could offer him a spot in their starting rotation on a short-term contract and potentially include an option for a second season. Bieber would be an effective back-end rotation piece behind the likes of Shane McClanahan and (potentially) Rasmussen, and they’d leave room to give one of their prospects a shot in the rotation, or run it back with Griffin Jax as a starter.

Patrick Sandoval: Sandoval had a down year with the Red Sox in 2026, but he could be a prime bounce-back candidate that would benefit from the Rays’ elite pitching coaching. His 3.77 FIP compared to his 5.12 ERA indicates he was unlucky on the mound, but he maintained a solid strikeout rate (9.3 K/9) and only surrendered seven home runs. He’d likely be a low-cost addition capable of solidifying the back-end of the rotation.

Ryne Stanek: At age 35, Stanek is still lighting up the radar gun with an impressive fastball. He started his career with the Rays, and a return to Tampa could be a mutually benefit move for both sides. Stanek has a club option in his contract worth $6 million, which is likely more than he’d receive on the open market, making it unlikely the Cardinals bring him back, at least on that deal. The Rays could be in the mix, adding a solid middle reliever to their bullpen, and one with familiarity with the organization.

Trade candidates

Griffin Jax: Jax will be a free agent after the 2027 season, so it may be in the Rays’ best interest to flip him this offseason in order to get back some young, controllable assets. Jax has excelled in a relief role but showcased his versatility as a starter during the ‘26 season. The 31-year-old is a strikeout machine and could be a valuable addition to a team looking to add some firepower to its bullpen, or potentially fill in the back-end of its rotation.

Drew Rasmussen: Rasmussen’s contract situation makes him a potential trade candidate for the Rays. If Tampa isn’t comfortable paying him $20 million next season, and a restructured contract can’t be agreed upon, Rasmussen could find himself as one of the most coveted trade pieces in the offseason. He’d net a significant haul for the Rays, who could re-stock their farm system and potentially get some MLB-ready talent in a deal for the two-time All-Star. While the Rays would ideally like to keep him, their penny-pinching ways will make that difficult, which could lead to a blockbuster offseason trade.