Offseason Outlook: Tampa Bay Rays

The Rays posted the best record in the American League this season (98-64) and cemented their status as the Junior Circuit’s top team by toppling the Yankees and Guardians en route to the American League pennant. Tampa Bay ran into a Brewers buzzsaw in the World Series, however, falling four games to one to a dominant Milwaukee pitching staff. The Rays now face critical offseason decisions on some of their top players as they look to retool around an impressive young core and gear up for what they hope will be another deep October run in 2027. Guaranteed Contracts Yandy Díaz, 1B/DH: $13MM through 2027 (Díaz reached vesting option threshold in August; contract becomes official once he passes a postseason physical) Steven Matz, LHP: $7.5MM through 2027 Option Decisions $20MM club option on RHP Drew Rasmussen ($500K buyout) $20MM mutual option on RHP Nick Martinez ($4MM buyout) $10MM mutual option on OF Cedric Mullins ($500K buyout) $3.1MM club option on SS Taylor Walls (no buyout; Walls remains arbitration-eligible if option is declined) Arbitration-Eligible Players (service time in parentheses; salary projections via MLBTR contributor Matt Swartz) Shane McClanahan (5.158): $6.6MM Nick Madrigal (5.137): $1.1MM Tyler Wells (5.132): $4MM Cole Sulser (5.096): $1.9MM Taylor Walls (5.092): $3.5MM (Rays hold a $3.1MM club option) Griffin Jax (5.091): $5.7MM Garrett Cleavinger (5.060): $3.7MM Nick Fortes (4.149): $3.4MM Bryan Baker (4.049): $4.1MM Ryan Pepiot (4.005): $3.1MM Kevin Kelly (3.156): $2.6MM Richie Palacios (3.156): $2MM Edwin Uceta (3.150): $1.5MM Manuel Rodríguez (3.139): $900K Jonny DeLuca (3.085): $1.7MM Jesse Scholtens (3.032): $900K Jonathan Aranda (3.030): $4.1MM Non-tender candidates: Madrigal, Sulser, Cleavinger, Palacios, Uceta, Rodríguez, Scholtens Free Agents Freddy Peralta, Jorge Mateo, Nick Martinez, Cedric Mullins Though many teams start an offseason with personnel issues to address, that’s rarely going to be the case for a club coming off a World Series appearance. President of baseball operations Erik Neander and manager Kevin Cash are considered among the best in the industry at their respective posts, and both will be back in 2027. It’s possible some members of Cash’s coaching staff will be poached by other organizations — the Twins already hired the Rays’ Triple-A pitching coach — but by and large the leadership that brought Tampa Bay to the 2026 Fall Classic should be expected to remain in place. Tampa Bay opens the offseason with a quartet of option decisions. The Rays will assuredly pick up their $20MM on fellow rotation member Drew Rasmussen. The mutual options for Nick Martinez and Cedric Mullins have already been bought out. The $3.1MM club option on shortstop Taylor Walls is more of a borderline call. On the one hand, he’s projected by MLBTR contributor Matt Swartz to earn a $3.6MM salary. If the Rays are planning to keep Walls, it makes the most sense to exercise that option. But for as strong as Walls’ glovework is, he’s one of the lightest bats in the entire sport. If Tampa Bay wants to move on, they could decline the option and non-tender him. Alternatively, Neander & Co. could gauge the trade market to see if there’s interest in Walls at that $3.1MM price point. If so, they could pick the option up and look to move him down the road. The bigger trade decisions the Rays face, however, all come in the rotation. It’ll be a fine line to walk, with Martinez and Freddy Peralta both hitting free agency, but the bulk of Tampa Bay’s remaining rotation is signed/controlled for only one additional season. That’s going to leave the club with some difficult decisions, particularly when it comes to Rasmussen’s $20MM salary. It’s a bargain relative to the market rate for a pitcher coming off a season that’ll garner him Cy Young Award votes, but the Rays’ history of low payrolls and trading stars on the cusp of free agency landed Rasmussen in the No. 2 spot on MLBTR’s Top 40 Offseason Trade Candidate list. Unlock Subscriber-Exclusive Articles Like This One With a Trade Rumors Front Office Subscription Access weekly subscriber-only articles by Tim Dierkes, Steve Adams, and Anthony Franco. Join exclusive weekly live chats with Anthony. Remove ads and support our writers. Access GM-caliber tools like our MLB Contract Tracker View Comments (1)