NEW YORK — The Tampa Bay Rays handed the Yankees an unexpected gift this week.
Tampa Bay declined its $11 million club option on veteran closer, instantly changing the free-agent relief market. The decision shocked many across baseball, especially given Tampa Bay’s reputation for squeezing maximum value out of every transaction.
But it gives New York a potential boost. He now becomes available without the Yankees needing to trade away prospects.
Bolstering the bullpen remains one of the Yankees’ biggest offseason priorities following another disappointing campaign. Despite several attempts to rebuild their relief unit in recent years, the results have fallen short. New York ranked 22nd in bullpen ERA in 2025, and after being eliminated in the ALDS by the Toronto Blue Jays, it became clear that a reliable late-inning arm was essential.
Pete Fairbanks now stands out as one of the most appealing and attainable high-leverage relievers for the Yankees this winter.
Why the Rays made a stunning choice
The Rays paid Fairbanks a $1 million buyout and received nothing in return. That outcome stunned rival executives, who expected Tampa Bay to pick up the option and then trade the right-hander for prospects.
That market, however, never developed. ESPN’s Jeff Passan first reported the news, triggering immediate speculation about why no club was willing to take on Fairbanks’ $11 million salary for 2026.
“We had an idea of the market and different things we could do, but also want to make sure that we have enough maneuverability in the early going to target some other areas of our club that could use some help and improvement,” Rays president of baseball operations Erik Neander said.
Neander’s comments pointed to Tampa Bay’s ongoing financial restrictions. The Rays must address multiple needs, including outfield depth, catcher, shortstop, and the starting rotation. Keeping Fairbanks would have consumed more than 10 percent of their expected payroll. The last time the Rays spent that much on a pitcher was when Charlie Morton earned $15 million annually, still a franchise record.
Neander acknowledged that cutting ties with Fairbanks was not an easy choice.
“He’s been a part of a lot of special things on the field,” Neander said. “And the work in the community and the interactions with fans in his own personal signature, unique, memorable way just a lot to appreciate, and it makes these decisions difficult.”
What Fairbanks brings to potential suitors
Fairbanks finished 2025 with a 4-5 record and a 2.83 ERA across 60.1 innings. He converted 27 of 32 save chances, marking his third straight season with at least 23 saves. The 31-year-old struck out 59 hitters while issuing 18 walks, showing solid command even with a slight dip in strikeout rate.
His fastball remains among the league’s hardest. Fairbanks averaged over 97 mph, down slightly from his 2022–23 peak when he routinely reached 99 mph. His mid-80s slider continues to be his signature weapon, generating plenty of whiffs. For the first time in his career, Fairbanks avoided the injured list and threw more than 50 innings in a single season.
Earlier in his career, Fairbanks was a strikeout machine. From 2020 through 2023, he fanned nearly 35 percent of opposing hitters and never dipped below 29 percent in any season. That figure dropped to roughly 24 percent in 2025, with a 12.6 percent swinging-strike rate slightly above the league average of 11.5 percent for relievers.
The decrease in strikeouts likely discouraged some teams from trading for him at his $11 million salary early in the offseason. Still, his overall résumé remains impressive. Since 2020, Fairbanks has recorded a 2.87 ERA across nearly 250 innings, ranking among Tampa Bay’s all-time leaders in strikeouts (second), saves (third), appearances (fourth), and innings pitched (seventh) by a reliever.
Yankees emerge as logical landing spot
Armed with a high-velocity fastball and a sharp slider, Fairbanks fits the profile of the late-inning weapon the Yankees need. He could serve as either a closer or setup man depending on how the bullpen reshaping unfolds. That flexibility makes him an ideal match for New York.
The Yankees face multiple bullpen questions entering the offseason. Devin Williams and Luke Weaver could both test free agency after inconsistent 2025 campaigns. Trade-deadline additions Camilo Doval and Jake Bird failed to deliver in the stretch run and postseason. Mark Leiter Jr.’s future with the team is also uncertain.
David Bednar emerged as the Yankees’ most dependable reliever late in the year. Adding Fairbanks could push Bednar into a setup role or form a formidable late-inning duo, a significant upgrade for a team desperate for stability.
Money should not be an obstacle. Fairbanks would cost less than elite closers such as Edwin Diaz or Robert Suarez, who are expected to command over $18–20 million annually. A two-year deal worth around $20 million, with performance incentives, could be a fair fit for both sides.
Recent signings show that price range is reasonable. Jose Leclerc received $10 million from Oakland last winter despite less impressive numbers. The Orioles have paid around $9 million annually for relievers like Andrew Kittredge. Compared with those moves, Fairbanks offers far better value.
The durability question remains relevant
Fairbanks’ injury history remains a legitimate concern. He missed chunks of previous seasons with lat and forearm problems. The 2025 campaign marked his first year reaching the 50-inning mark, and that limited track record has long prevented him from being viewed as a high-volume reliever.
Even so, Fairbanks limits hard contact and keeps the ball in the park. His calm demeanor suits high-pressure moments, and he rarely lets traffic on the bases shake his composure.
Fairbanks also owns a 2.42 career ERA against the Yankees, proof that he can thrive against high-caliber lineups.
How the market is shaping up
Fairbanks now joins a group of mid-tier closers available in free agency, alongside Ryan Helsley, Devin Williams, Kyle Finnegan, and Luke Weaver. While not quite at the level of Diaz or Suarez, this class offers multiple dependable late-inning options.
Several teams are expected to show interest. The Phillies are searching for bullpen upgrades after losing key arms. The Orioles need help in late innings following their 2025 regression. The Dodgers, always active in the pitching market, could also enter the mix. The Padres, having lost Suárez, might pursue another experienced reliever.
Still, the Yankees hold an advantage over most competitors. They can offer both championship contention and financial flexibility. For Fairbanks, New York provides a high-profile stage to showcase his talent and potentially set up a larger payday down the line.
Teams that value him as a $10–12 million reliever might have been hesitant to trade for him earlier in November, waiting instead for the free-agent market to settle. That delay gave the Yankees a clear opening.
While his velocity has dipped slightly and his strikeout rate has dropped, Fairbanks remains an effective and proven closer. His consistency and command outweigh the statistical decline.
What comes next for Yankees
The Yankees plan to target multiple bullpen arms this offseason, and Fairbanks immediately jumps near the top of their list following Tampa Bay’s decision. Whether general manager Brian Cashman moves quickly or surveys the market first remains to be seen.
Cashman often explores every available route before committing significant funds. He may evaluate the asking prices for Diaz and Suarez or consider adding several reliable relievers instead of one expensive closer.
What’s clear is that the Yankees cannot afford another season of bullpen inconsistency. Fairbanks offers experience, power, and poise — all traits this roster has lacked in key moments. Tampa Bay’s surprising move turned him from a trade chip into a free agent overnight, and that development gives the Yankees a perfect opportunity to strengthen their bullpen at a reasonable cost.
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