Spring training is underway and the very best free agents are now off the board. There is still an entire 2025 season to play, though it’s never too early to look ahead to next offseason, and we’ve already previewed the top of next winter’s free-agent class. Things can and will change between now and next offseason, of course. Players will sign extensions, they’ll raise their stock with great years and hurt it with down years, etc. It happens every season.
Also, several players will use opt-out clauses or decline player options to enter free agency after the season. Opt-out clauses, player options, same difference. They’re functionally the same thing. The player walks away from an already agreed-to sum of money to go into free agency. With that in mind, here are 10 players with opt-out/player option decisions looming after the season, ranked in order of how likely it is they will use their contractual right to become a free agent.
Contract status: Can opt out of final two years and $38 million
Díaz is owed $18.5 million in both 2026 and 2027, and his contract includes a $17.25 million club option for 2028. That club option comes with a $1 million buyout. Díaz bounced back nicely last year from his lost 2023 season, though he wasn’t as good as he was in 2022, and that’s fine. That was one of the best seasons by a reliever ever. With his 31st birthday coming up next month, Díaz remains one of the game’s premier strikeout pitchers, and a high-leverage dominator. He may not want to opt out and leave the Mets after the season, but if he repeats his 2024 performance in 2025, Díaz would be in position to leverage his opt out into an extension, and tack an extra guaranteed year or two on top of what he’s already owed. At the end of the day, that’s what the opt out is. Leverage.
Contract status: Can opt out of final year and $15 million
The pitching bargain of the 2023-24 offseason, Lugo was the AL Cy Young runner-up last season, and he need not perform that well again this season to justify opting out of his contract. One year and $15 million is late-career Alex Cobb/Charlie Morton money. Lugo will pitch this entire season at age 35 and has proven himself to be durable, effective, and adaptable. He threw nine different pitches last season, including six at least 8% of the time, plus he throws strikes consistently. The Royals got out in front of Michael Wacha’s opt-out decision this winter and signed him to a three-year extension before he hit the market. I have to think they will look to do the same with Lugo after this season, assuming he performs well and stays healthy.
Contract status: $25 million player option for 2026 ($5 million buyout)
The Cubs will pay $2.5 million toward Bellinger’s 2026 compensation, be it the salary or buyout. He has ranked near the top of the league in pulled fly-ball rate the last few years and hoo boy, if you’re a lefty who pulls the ball in the air, you have a chance to put up huge numbers in Yankee Stadium. Bellinger was coming off a very good 2023 season when he signed his current deal, a three-year pact worth $80 million, which goes to show teams value the underlying numbers (exit velocity, etc.) more than the raw slash line. A big home run total no longer automatically equals a huge payday. Bellinger will turn 30 in July, which is still young enough to secure a nice multi-year free agent contract, plus he adds value on the bases and in the field.
Contract status: Can opt out of final year and $10 million
Flaherty’s 2026 salary will increase to $20 million once he makes his 15th start in 2025. His prolonged free agency and the contract structure suggest there are physical concerns. For all intents and purposes, this is a one-year contract with a $10 million insurance policy. If Flaherty’s healthy enough to make 15 starts and trigger the extra $10 million in 2026, he’ll likely be healthy enough to opt out and seek a bigger contract. He’s hoping to do what Blake Snell did last year. Sign a short-term deal, have a strong year, re-enter free agency, then land that nine-figure deal. Flaherty is among the players with the most to gain in 2025.
Contract status: Can opt out of final two years and $80 million
Bregman’s new contract includes a bunch of deferrals that, for our purposes, are irrelevant. The Boston Globe reports Bregman is owed $80 million across 2026-28, so that’s what he would be walking away from should he use his opt out. How the $80 million is scheduled to be paid out doesn’t matter.
As a right-handed hitter, Bregman’s pull-heavy approach is well-suited for Fenway Park, as well as Daikin Park (formerly Minute Maid Park). Despite this, Bregman had to wait until the eve of spring training to sign his contract. Approaching his 31st birthday, a standout year could put pressure on the Red Sox to extend his current contract. However, Bregman would be taking a risk by passing up $80 million to test free agency again.
**Contract status:** $16 million player option for 2026 ($4 million buyout)
The Guardians made a significant move by re-signing their veteran ace and 2020 AL Cy Young winner, Bieber, this offseason. However, Bieber underwent Tommy John surgery last April, with a projected return around the All-Star break. The decision on his $16 million player option for 2026 could become a $12 million choice due to the buyout. Despite the potential for a limited number of starts in the upcoming season, Bieber’s track record and age (turning 30 in May) suggest that the player option serves as an insurance policy in case of any setbacks during his recovery.
**Contract status:** Can opt out of final two years and $33 million
O’Neill is the only multi-year signing by GM Mike Elias of the O’s, with an opt-out clause after the first year. His performance in 2024, including 31 home runs and over 100 games played, indicates his value when healthy. O’Neill, 29, has the opportunity to double his guaranteed money if he maintains his health in the upcoming season. Otherwise, he can fall back on the $33 million remaining on his contract.
**Contract status:** It’s complicated
Imanaga’s contract structure for 2025 includes earning $13 million, with several club and player options for the following seasons. To become a free agent, the Cubs would have to decline the club option for 2026-28, and Imanaga would have to decline his player option for 2026. Given his strong performance in 2024 and his age (31), it’s likely that the club or player option will be exercised, keeping him with the Cubs.
**Contract status:** Can opt out of final year and $16 million
Kim’s future with his current team is uncertain due to his labrum surgery in the offseason. If he returns to form in late April or May and demonstrates his previous success, he could opt out and secure a lucrative deal in free agency. However, the surgery adds an element of risk to his situation, as standout defenders like Kim tend to receive substantial contracts. His ability to recover and perform in 2025 will determine his decision on the player option.
**Others with opt-outs/player options:** Lucas Giolito, Red Sox; A.J. Minter, Mets; Frankie Montas, Mets; Joc Pederson, Rangers; Trevor Story, Red Sox; Robert Suarez, Padres text in a different way:
Create a new version of the text.