Yankees open to second chance for Devin Williams, but under stipulations

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NEW YORK — The Yankees front office is entering a pivotal stretch as they evaluate whether to bring back reliever Devin Williams for 2026. The decision is not simple.

Williams struggled through most of his first full season in the Bronx, yet finished strong enough to keep the door open. The team is willing to consider a reunion, but only under specific terms that reflect his diminished market value and the team’s bullpen priorities.

Williams finished the 2025 season with a 4.79 ERA in 67 appearances. He pitched 62 innings, allowed 37 runs and collected 18 saves. One year earlier, he was one of baseball’s dominant late-inning arms. In 2024 with Milwaukee, he recorded a 1.25 ERA. His elite performance convinced the Yankees to trade for him the following December.

Financial reality reshapes expectations

The closer’s market value has changed sharply over the past year. Baseball America once projected Williams to land a four-year contract worth $75 million if he hit free agency at his peak. That version of Williams would have been priced out of the Yankees’ range. Now the situation is different.

Spotrac estimates his current value at a one-year contract worth about $5.7 million. That is a major drop from the $8.6 million salary he earned in 2025.

The Yankees could choose to extend a qualifying offer of roughly $21 million for 2026. The offer would function as a one-year prove-it deal. It protects the club from a long-term commitment and gives Williams a path to rebuild his value. It is a strategy teams often use with talented relievers coming off uneven seasons.

General manager Brian Cashman assembled the 2025 bullpen aggressively. He traded for Williams in exchange for Nestor Cortes, infield prospect Caleb Durbin and cash. The Yankees expected Williams to lock down the late innings alongside Luke Weaver.

Rocky start nearly derailed Devin Williams’ tenure

Things unraveled quickly. Williams struggled immediately in April. On April 6, he took a loss after the offense failed in extra innings against Pittsburgh. By the time the calendar flipped to September, his ERA sat at 4.99 across 52.1 innings.

A meltdown in Houston marked the low point. Williams allowed damaging runs and was ejected from the game. Manager Aaron Boone reacted by removing him from the closer role on April 27. It was clear the Yankees were losing patience.

But Williams eventually recovered. After the Houston collapse, he threw nine straight scoreless innings in September. He struck out 12 hitters and walked only two in that stretch. He carried that momentum into October. Williams pitched four scoreless postseason innings, allowed no earned runs and struck out four.

That finish is a key reason the Yankees are still considering another year together.

Competition changes the equation

Everything changed once the Yankees acquired David Bednar from Pittsburgh at the trade deadline. Bednar, a two-time All-Star, delivered stability that had been missing all year.

After joining New York, Bednar posted a 2.19 ERA across nearly 25 innings. He struck out 12.77 hitters per nine innings and stranded 84.2 percent of baserunners. Across the full 2025 season with both clubs, he ended with a 2.30 ERA over 62.2 innings.

His fastball reached the upper 90s, and his breaking ball generated a 49.1 percent ground ball rate. He ranked in the 89th percentile in whiff rate and 97th percentile in strikeout rate.

Bednar enters 2026 under team control through arbitration. The Yankees expect him to be the closer. That means Williams, if he returns, must accept a setup or shared closing role.

Terms of any potential return

For Williams to return, several conditions are non-negotiable.

First, he must accept a reduced salary that reflects his uneven 2025. A shorter contract is essential. A one-year deal gives the Yankees flexibility while allowing him to prove he can regain All-Star form.

Second, he must be willing to pitch in different high-leverage situations. A return would not guarantee exclusive ninth-inning duties.

Third, Williams must show that he can handle the pressure of New York. He admitted the move from Milwaukee contributed to his struggles.

Williams told Gary Phillips of the Daily News that he has “grown to love being here. I love the city. I love taking the train to the field every day. I really enjoyed my experience.”

His comments came after the Yankees’ playoff elimination. They suggest he is open to another year in New York, even with a reduced role.

Advanced metrics tell complex story

Williams’ basic stats look rough. His ERA ballooned, and he lost the closer job. But advanced metrics show something different.

He recorded a 2.68 FIP, close to his 2023 mark when he posted a 1.53 ERA with Milwaukee. He struck out 90 hitters in 62 innings, producing a strikeout rate of 34.7 percent. That ranked in the 97th percentile across MLB.

His signature changeup, known as “The Airbender,” showed no decline. It still carried elite movement and spin near 2,852 rpm. When executed well, hitters rarely square it up.

The gap between his ERA and his underlying analytics suggests poor sequencing or bad luck rather than skill decline. Teams evaluating Williams will try to determine whether 2025 is the new normal or a temporary adjustment issue.

Alternative suitors emerge

Williams will have interest from other clubs. The Miami Marlins are expected to pursue a closer and have used a committee approach in 2025. Williams could stabilize their bullpen and reclaim his ninth-inning status.

Reports suggest that the opportunity to remain a closer will influence his choice. That could complicate talks with the Yankees, since Bednar will likely finish games.

Other contenders may enter the mix. Williams is a two-time National League Reliever of the Year (2021 and 2023). He won NL Rookie of the Year in 2020, when he posted a 0.33 ERA. Teams may bet on that version of him resurfacing.

Yankees bullpen construction

The Yankees bullpen struggled for most of 2025. The relief corps posted a 4.37 ERA, eighth-worst in MLB. All teams with worse bullpen ERAs missed the postseason. The Yankees relied on trades and free agent adds rather than internal development.

Luke Weaver is also a free agent. Jonathan Loaisiga will return from Tommy John surgery during 2026. The club moved on from Clay Holmes, who signed with the Mets after losing his closer job.

Given the volatility of relief pitching, the Yankees will continue to search for help externally. Williams remains one of the highest-upside relievers available.

Decision point approaches

The Yankees must decide soon whether to extend the qualifying offer. If Williams accepts, he remains in New York. If he declines and signs elsewhere, the Yankees receive draft pick compensation.

Williams may look for a multi-year deal if another team offers him the closer role. At 31 heading into the 2026 season, this could be his last chance at long-term security.

Both sides benefit from a one-year reunion. The Yankees get a high-ceiling arm without major risk. Williams gets a chance to reset his career and pitch for a contender. The only question is whether he can accept reduced status and whether the club believes the late-season version is the real one.

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