As the 2025 MLB regular season advances and postseason races intensify, team front offices are concurrently preparing for the offseason. A key focus is navigating the free-agent and trade markets while also determining how to retain their own players.
The Kansas City Royals recently provided a clear example of this long-term planning by signing right-hander Seth Lugo to a two-year, $46 million extension. Lugo was widely expected to opt out of his contract after this season. The extension, which keeps him in Kansas City through 2027, preempted a potential trade deadline deal and secured a key piece of the team’s rotation.
“After being here for a year and a half, me and my family just fell in love with the city,” Lugo said after signing. “As far as on the field… we really feel like we’re onto something really special. From the coaching staff — but more specifically, the pitching department — it’s something that we’re building, and it’s something I want to be a part of.”
Lugo’s situation highlights the increasing prevalence of player options and opt-outs, which give players the authority to decide on pre-negotiated contract terms. With Lugo’s decision made, here are five of the most compelling player option situations to watch this offseason.
Cody Bellinger, New York Yankees
Contract situation: $25 million player option for 2026 ($5 million buyout)
Acquired by the Yankees after Juan Soto signed with the Mets, Cody Bellinger has been an outstanding addition. The 30-year-old has provided above-average offense, versatile and high-quality defense across the outfield and at first base, and savvy baserunning.
Last offseason, Bellinger declined to use an opt-out with the Chicago Cubs before being traded to New York. His market had been dampened by concerns over his offensive metrics and his struggles with the Dodgers from 2021-22. However, after a third consecutive strong season, those concerns have faded. Bellinger has proven he can be a highly productive player, positioning him to seek the long-term contract that previously eluded him. “The true answer is it’s just so far ahead,” Bellinger told reporters about his contract. “I really focus on the day-to-day, and I control what I can control that day.”
Prediction: Bellinger opts out. As a Scott Boras client, he is expected to test free agency. While a reunion with the Yankees is possible, it will likely require winning a bidding war for his services.
Shane Bieber, Toronto Blue Jays
Contract situation: $16 million player option for 2026 ($4 million buyout)
After re-signing with the Cleveland Guardians last offseason, Shane Bieber underwent Tommy John surgery in April and did not pitch for the team. The contract, which pays him $10 million this year, included the player option as an insurance policy against setbacks. The Blue Jays acquired Bieber at the trade deadline, viewing him as a potential difference-maker for their postseason run.
Through six minor-league rehab starts, Bieber has posted a 2.45 ERA with 33 strikeouts in 22 innings and is expected to join the Blue Jays’ rotation soon. “It’s just so exciting to think about him in this organization moving forward,” said Blue Jays GM Ross Atkins. “We are obviously extremely interested or we wouldn’t have given up such a significant piece.”
Prediction: Bieber declines the player option. The $4 million buyout makes it a $12 million decision, a manageable figure for a quality starter. Turning 30 in May and with positive reports on his recovery, Bieber is poised to secure a significant multi-year deal in free agency, assuming he performs well for Toronto.
Alex Bregman, Boston Red Sox
Contract situation: Can opt out of two years and $80 million
Alex Bregman has been a terrific signing for the Boston Red Sox, delivering MVP-level performance when healthy. His success has likely left several teams regretting not signing him when he was a free agent in February. His contract gives him the opportunity to opt out after this season or after 2026.
Despite his seamless fit in Boston, Bregman remains focused on the present. “For the next few months, I’m just really focused on the baseball,” he said recently. “I’m just focused on trying to do what I can to help this team win.” Bregman is having a much better year than in 2024 and has demonstrated his ability to thrive away from Houston’s hitter-friendly park. Few players are in a position to walk away from $40 million a year, but Bregman is one of them.
Prediction: Bregman opts out. While he is expected to explore free agency, the mutual fit with Boston is strong. A new long-term contract with the Red Sox seems likely, as their inexpensive young core provides the budget flexibility to retain him.
Edwin Díaz, New York Mets
Contract situation: Can opt out of two years and $38 million
Three years into his record-setting five-year, $102 million contract, Edwin Díaz remains one of baseball’s elite closers. While he hasn’t replicated his historic 2022 season, the 31-year-old has been excellent, particularly as he moves further from the knee injury that cost him the 2023 season. Aside from that fluke injury, he has been remarkably durable.
Although teams are often hesitant to invest heavily in relievers, Díaz has proven his worth, thriving in the New York market. “That’s something I gotta look at after the season with my agent,” Díaz said in spring training. “I love this team. I want to stay here.” With a bullpen to rebuild, the Mets can ill afford to lose their closer, and owner Steve Cohen has the resources to ensure he stays.
Prediction: Díaz leverages the opt-out to sign an extension without testing free agency. His current contract already includes a $17.25 million club option for 2028. An extension could guarantee that year and add another, securing his future with the Mets.
Shota Imanaga, Chicago Cubs
Contract situation: A series of conditional club and player options.
Shota Imanaga’s contract is one of the most creative and effective signings in recent memory. His performance has been outstanding, making him a fan favorite and a key part of the Cubs’ success. “Our hope has always been that we want to be a destination for Japanese players,” President of Baseball Operations Jed Hoyer said at Imanaga’s introduction.
The contract structure is as follows:
- The Cubs hold a three-year, $57 million club option for 2026-28.
- If they decline, Imanaga has a one-year, $15 million player option for 2026.
- If he accepts that, the Cubs gain a two-year, $42 million club option for 2027-28.
- If they decline that, Imanaga has a final one-year, $15 million player option for 2027.
Prediction: The Cubs will exercise their three-year, $57 million club option. Even if Imanaga settles in as a No. 3 starter rather than a high-end No. 2, the deal is a bargain. This move would prevent Imanaga from ever having to decide on his player option.
Other Notable Player Options
- Pete Alonso, 1B, Mets: He can opt out of a $24 million salary for 2026 and is a lock to do so. After failing to secure a long-term deal last winter, he will re-enter free agency.
- Jack Flaherty, RHP, Tigers: His 2026 player option escalated to $20 million after he made his 15th start. Despite inconsistency, the 30-year-old will likely opt out to seek a multi-year contract.
- Ha-Seong Kim, IF, Rays: Kim is recovering from shoulder surgery and has yet to find his form at the plate. His decision to opt out of a $16 million salary will depend heavily on his performance for the remainder of the season.
- Trevor Story, SS, Red Sox: Now 33, Story is enjoying his best season in Boston but remains a league-average hitter. He is highly unlikely to opt out of the two years and $55 million remaining on his deal, especially given his significant recent injury history.
- Robert Suarez, RHP, Padres: Suarez can opt out of the final two years and $16 million of his contract and is expected to do so. The 34-year-old reliever should easily surpass that value on the open market, and San Diego’s acquisition of Mason Miller makes his departure more palatable.
