The offseason is officially here. The Milwaukee Brewers won their first-ever World Series, and now every other team is looking to strengthen their rosters with free agents, trades, and the Rule 5 draft.

The Cincinnati Reds have three players with contract options that need to be decided on by Monday, November 2nd. Closer Emilio Pagan is one of those players, and they need to retain his services for next season. On Saturday, Pagan opted out and officially became a free agent. If Pagan doesn't re-sign with the Reds, here are a couple of options the Reds could go after.

David Bednar

The 31-year-old New York Yankees reliever is an unrestricted free agent entering 2027. Bednar pitched 69.1 innings with a 7-3 record and a 2.47 ERA. He also had 1.9 bWAR season with 20 walks to 76 strikeouts. Bednar could sign a deal worth up to 3 years for $ 45 million. This might be too much for the Reds to cough up.

Raisel Iglesias

The 37-year-old closer could reunite with the Cincinnati Reds for 2027. Iglesias has spent the last five seasons in Atlanta and has pitched 278 innings with a 2.79 ERA. He was a 8.0 bWAR player in those five seasons, with his highest being 2.9 bWAR in 2024. Iglesias is still a serviceable closer even going into his age 38 season. He could sign a deal worth up to 2 years for $22 million. This could be a deal the Reds would consider.

Brock Burke

The Reds are very familiar with Burke, and since he was in Cincinnati last season, they can negotiate with his camp before other teams can on November 2nd. This should be a top priority now that Pagan opted out. He pitched in a career-high 77 games in 2026, 74.1 innings with a 2.30 ERA. Burke's 1.3 bWAR was one of the best for the Reds out of the bullpen, and he also made two saves in 2026. Burke could sign a deal worth up to 4 years for $16 million. This would be a great deal if they can sign him because the Reds also do not have any left-handed pitchers on the 40-man roster.

Pagan has been a steady arm out of the bullpen the last couple of seasons, and if he decides to sign with another organization, the Reds will have to find an adequate replacement.

Follow me on X at @RedHotRedsPod