NEW YORK —The Baltimore Orioles just signed Ryan Helsley to a two-year, $28 million contract. The Toronto Blue Jays are circling like sharks around Edwin Diaz after their heartbreaking World Series loss. And the New York Yankees? They appear to be standing still while the closer market shrinks around them.
The question every Yankees fan wants answered is simple. Will the Yankees front office make a serious run at the best closer in baseball? Or will Hal Steinbrenner’s budget concerns let the crosstown rival’s ace reliever slip away to a division competitor?
The answer might determine whether the Bronx Bombers can compete for a championship in 2026.
The Devin Williams experiment flopped badly
The Yankees thought they solved their closer problem when they acquired Devin Williams from Milwaukee last December. The Yankees traded Nestor Cortes and prospect Caleb Durbin for the two-time Reliever of the Year. It backfired spectacularly.
Williams posted a 4.79 ERA in 62 innings. He lost the closer job twice during the season. Manager Aaron Boone demoted him in late April after he opened the year with an 11.25 ERA in his first 10 appearances. Williams later blew saves in back-to-back outings against the Blue Jays and Astros in late July.
The inconsistency cost the Yankees dearly. They won the Wild Card Series against Boston but fell to Toronto in a four-game Division Series. A reliable ninth-inning arm might have changed the outcome.
Williams is now a free agent. The Yankees have discussed a reunion with his camp according to Ken Rosenthal of The Athletic. But the Dodgers, Reds, Red Sox, and Mets are also pursuing him.
Orioles move intensifies pressure on Yankees
Baltimore grabbed Helsley on Saturday despite his rough stint with the Mets after the trade deadline. The two-time All-Star struggled badly in New York with a 7.20 ERA in 22 appearances. But the Orioles bet on his track record. From 2022 to 2024, Helsley posted a 1.83 ERA with 82 saves.
The deal includes an opt-out after year one. It shows Baltimore is willing to take calculated risks to fix their pitching problems. The Orioles finished last in the AL East at 75-87 in 2025.
That signing removes one option from the Yankees’ board. More concerning for the Yankees is the Blue Jays’ aggressive pursuit of Diaz. Toronto met with his agents at the GM meetings and appears ready to spend big.
Diaz emerges a potential option
Edwin Diaz silenced every doubter who questioned whether he could return to elite form. The 31-year-old right-hander posted a 1.63 ERA across 66.1 innings for the Mets last season. He struck out 98 batters and converted 28 saves. His 38 percent strikeout rate ranked second among all MLB relievers behind only Mason Miller.
His 2.28 FIP and 0.87 WHIP proved the dominance was no fluke. Diaz earned his third Trevor Hoffman NL Reliever of the Year Award. If he had worn pinstripes last season, he would have ranked first among Yankees relievers in saves, strikeouts, WHIP, and ERA.
Blue Jays emerge as serious threat for Diaz
The AL champion Blue Jays have obvious motivation. Closer Jeff Hoffman allowed the game-tying home run to Miguel Rojas in Game 7 of the World Series. Toronto blew a ninth-inning lead and lost to the Dodgers in 11 innings. General manager Ross Atkins has said Hoffman’s closer job is not guaranteed.
Jon Heyman of the New York Post reported that Toronto is “emerging as an attractive choice” for Diaz. The Blue Jays already landed Dylan Cease on a seven-year, $210 million deal. They are signaling a willingness to spend whatever it takes.
Diaz told reporters his odds of returning to the Mets are “50-50.” He wants to win a championship. Toronto nearly delivered one in 2025.
What Diaz wants from his next contract
Diaz opted out of the final two years and $38 million remaining on his Mets deal. According to Rosenthal and Will Sammon of The Athletic, he wants essentially the same contract he signed in 2022. That deal was five years and $102 million. It made him the highest-paid reliever in baseball history.
MLB Trade Rumors predicted Diaz will sign with the Yankees on a four-year, $82 million deal. That projection assumes the Yankees are willing to meet his price. The question is whether ownership will commit those resources.
Steinbrenner’s payroll stance creates doubt
The Yankees carried a $304 million payroll last season. Reports suggest ownership wants to reduce spending rather than add to it. Hal Steinbrenner has not exactly clarified the team’s financial direction.
The bullpen typically receives less investment than the rotation and lineup in the Bronx. But Weaver is now a free agent. So is Jonathan Loaisiga after the team declined his option. David Bednar and a handful of unproven arms are all that remain on the active roster.
Signing Diaz would represent a philosophical shift. It would mean concentrating late-inning work in one dominant arm instead of spreading it across multiple relievers.
The case for making the move
Diaz would be the best closer the Yankees have employed since Mariano Rivera retired in 2013. His combination of velocity and swing-and-miss stuff is rare. Facing him is described as “a helluva challenge” even for three-time MVPs like Aaron Judge.
The Yankees need a reliable ninth-inning option. Clay Holmes blew 13 saves in 2024. Williams failed to stick in the role. Bednar handled closing duties down the stretch but the team needs a bullpen boost.
Losing Diaz to the Blue Jays would sting badly. Watching him dominate in the division while the Yankees scramble for alternatives would be painful for a fanbase still recovering from the Juan Soto loss.
The winter meetings begin December 8 in Orlando. The Yankees have a decision to make. The closer market is shrinking fast.
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