Rays Decline Pete Fairbanks Option: Closer Becomes Free Agent

The Tampa Bay Rays have made a notable offseason move: they declined their $11 million club option on closer Pete Fairbanks. This shakes up the Rays’ bullpen picture for 2026 and drops one of baseball’s steadiest late-inning arms into a free-agent market desperate for top relievers.

The Rays did pick up contract options for infielders Brandon Lowe and Taylor Walls. But letting Fairbanks go? That’s going to spark a bidding war around the league, no doubt.

Tampa Bay’s Decision: A Strategic Payroll Move

Letting a proven closer walk is never simple, especially in a game where elite relief pitching can tip the scales between winning and losing. Still, the Rays have always leaned into a disciplined financial approach, prioritizing flexibility over keeping stars at high cost.

By saying no to Fairbanks’ option, the team saves $10 million compared to the buyout. That’s money they can put toward other needs, which fits their usual style.

The Buyout and Salary Cap Constraints

Instead of locking in $11 million for one reliever, Tampa Bay paid a $1 million buyout. That’s classic Rays—keeping payroll tight and hunting for undervalued arms who might give them similar results.

They just don’t spend big on bullpen roles, no matter how good a pitcher’s been. It’s part of their DNA at this point.

Pete Fairbanks: Numbers That Speak Volumes

Fairbanks has closed games for the Rays over four seasons, earning a reputation as one of the most reliable finishers in the league. In that stretch, he racked up:

• 83 career saves
• 2.83 ERA
• 332 strikeouts vs. 103 walks
• 265.1 innings pitched

A Power Arm with Elite Stuff

Fairbanks brings a fastball that sits at 97 mph and a nasty slider. In 2025, he added a cutter that quickly became one of the league’s best.

That new pitch made him even tougher to hit. His market value should only go up after this kind of evolution.

Free Agency Outlook: A Premium Commodity

Fairbanks picked a good time to hit free agency. The upcoming reliever market looks pretty thin at the top, and he lands in the upper tier with guys like Edwin Díaz, Devin Williams, Robert Suarez, Ryan Helsley, and Tyler Rogers.

That’s a short list for teams chasing a true shutdown closer.

Other Veteran Options in the Market

There are other experienced closers out there, too:

• Taylor Rogers
• Kyle Finnegan
• Raisel Iglesias
• Emilio Pagán
• Kenley Jansen
• David Robertson

But Fairbanks’ combination of velocity, strikeouts, and recent career highs should make him one of the most in-demand arms this winter.

Durability Questions and Career Highs

Fairbanks has dealt with questions about his ability to stay healthy and log innings, thanks to past injuries. In 2025, though, he set personal bests with 60.1 innings pitched and 27 saves.

Those numbers suggest he’s finally put the durability doubts behind him. For clubs in win-now mode, that’s got to make him a safer bet.

What This Means for the Rays

Letting Fairbanks walk signals that Tampa Bay trusts its knack for developing and using effective relievers without paying top dollar. The front office will probably test its depth and look for cheaper options to handle the ninth inning in 2026.

Honestly, don’t be surprised if they go with a committee approach instead of naming a single closer. That’s just how they roll.

Final Thoughts

The Rays made a calculated move when they declined Pete Fairbanks’ option. That decision will shake up their bullpen and the free-agent market.

Fairbanks now gets a real shot to cash in after years of elite performance. He’s an experienced, high-octane closer who thrives under pressure—exactly what a lot of teams crave.

Where will he end up? That’s one of the offseason stories I’ll be watching closely.

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