San Diego Padres starting pitcher Nick Martinez works against a...

San Diego Padres starting pitcher Nick Martinez works against a St. Louis Cardinals batter during the first inning of a baseball game Sept. 23, 2023, in San Diego. The Cincinnati Reds finalized a $26 million, two-year contract with Martinez, Friday, Dec. 1, 2023, and a $16 million, two-year deal with reliever Emilio Pagán. Credit: AP/Gregory Bull

CINCINNATI — The Reds finalized a $26 million, two-year contract with pitcher Nick Martinez on Friday and a $16 million, two-year deal with reliever Emilio Pagán.

Martinez, a 33-year-old right-hander, gets $14 million in 2024 and $12 million in 2025. He has the right to opt out after the 2024 World Series and become a free agent again.

Pagán, a 32-year-old right-hander has an $8 million salary next season, and the deal includes an $8 million player option for 2025. If Pagán declines the option, he would receive a $250,000 buyout.

Pagán can earn $200,000 in performance bonuses for games finished in 2024: $50,000 each for 20 and 30, and $100,0000 for 40.

He would receive a $500,000 assignment bonus if traded.

Martinez joins a rotation that could include Hunter Greene, Nick Lodolo, Graham Ashcraft, Andrew Abbott, Brandon Williamson or Connor Phillips

Martinez made $10 million this year, when he went 6-3 with a 3.43 ERA in nine starts and 54 relief appearances in his second season with the San Diego Padres. He was 4-4 with a 3.47 ERA with eight saves in 10 starts and 37 relief appearances for the Padres in 2022.

Minnesota Twins relief pitcher Emilio Pagan throws in the fifth...

Minnesota Twins relief pitcher Emilio Pagan throws in the fifth inning of Game 3 of an American League Division Series baseball game against the Houston Astros, Oct. 10, 2023, in Minneapolis. The Cincinnati Reds finalized a $26 million, two-year contract with pitcher Nick Martinez, Friday, Dec. 1, 2023, and a $16 million, two-year deal with Pagán. Credit: AP/Jordan Johnson

He spent the previous four seasons in Japan with the Hokkaido Nippon Ham Fighters and then the Fukuoka SoftBank Hawks.

San Diego turned down options at $16 million annually and Martinez declined options at $8 million a year.

Pagán went 5-2 with a 2.99 ERA and one save in 65 relief appearances and one start for the Twins, striking out 65 and walking 21. He is 22-18 with a 3.71 ERA and 32 saves in seven major league seasons with Seattle (2017), Oakland (2018), Tampa Bay (2019), San Diego (2020-21) and Minnesota (2022-23). He had 20 saves in 28 chances for the Rays in 2019.

All-Star Alexis Díaz had 37 saves for the Reds last year, Pagán joins a bullpen that lost Buck Farmer to free agency.

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