Four Padres Facing Crucial Option Decisions After 2026

[Steve Drumwright]

While the 2026 season is barely three weeks old, it's never too early to look ahead to the San Diego Padres' next offseason.

There are four Friars who are facing decisions on whether they should opt-out of their contracts or remain in San Diego for at least 2027. This on top of the six players whose contracts expire after this season: right-handed reliever Jason Adam, left fielder Ramon Laureano, left-handed reliever Adrian Morejon, right-handed starter Walker Buehler, infielder Ty France and infielder-outfielder Nick Castellanos. Additionally, outfielder-infielder Miguel Andujar, right-handed starter Griffin Canning, left-handed reliever Kyle Hart and right-handed starter German Marquez have mutual options for 2027. Mutual options are almost always declined.

That means already 10 players could potentially depart the Padres.

Four others control their future. Curiously, they are all pitchers. Right-handed starters Michael King and Nick Pivetta as well as left-handed relievers Yuki Matsui and Wandy Peralta all have contract provisions that allow them to opt-out of their deals following 2026. Of course, complicating all of this is the impending lockout, which will happen about month after these players have to make their option decisions and before major free agents typically sign.

Let's review each player's situation with the rest of 2026 ahead of them.

Michael King

Contract: Signed three-year, $75 million contract prior to 2026 season.

Decision: King has an opt-outs after this season and the 2027 season.

After finding the free-agent waters a little frigid, King was a surprising returnee to the Friars' fold this offseason. The type of deal he got certainly reflects that, too. After making $7.75 million in 2025 after signing a deal to avoid his final trip through arbitration, King is making a very affordable $9 million this year, then jumping up to $32 million in 2027 and $34 million in 2028.

In other words, the 30-year-old King is basically on a prove-it deal this year after experiencing a couple of injuries in 2025, but has the safety net in place should he underperform or have more injury issues. He is off to a good start in 2026, with a 3.69 FIP (2.78 ERA) in four starts. As one of the key pieces acquired in the Juan Soto trade with the New York Yankees following the 2023 season, King has pretty much been what the Padres were seeking: a front-of-the-rotation starter.

A healthy season with his typical production would make King one of the top free agents next offseason. King was No. 12 on The Athletic's big board last offseason and that was coming off only 15 starts due to the long thoracic nerve injury that weakened his right shoulder and knee inflammation upon his return. Depending on how his season goes, he could simply return to the Padres and make $32 million next season or he could get contracts in the range from Framber Valdez (three years, $115 million, $38.3 million average annual value) to Ranger Suarez (five years, $130 million, $26 million AAV) to former Friar Dylan Cease (seven years, $210 million, $30 million AAV).

Nick Pivetta

Contract: Signed a four-year, $55 million contract just before the start of the 2025 season.

Decision: Like King, Pivetta has opt-outs each of the next two offseasons.

Unlike King, Pivetta's deal was essentially a two-year pact with the third and four years, at $14 million each, as insurance for Pivetta should something go wrong. And now something has gone wrong. Pivetta, who made a very team-friendly $2.5 million in 2025 and is earning $20.5 million this year, went on the 15-day injured list with inflammation in his right elbow. How long Pivetta is sidelined is still being determined, but the mood in the Padres' clubhouse was reportedly somber after the diagnosis.

The 33-year-old entered the season as the No. 1 in the rotation and started Opening Day for the first time in his 10-year career. He finished sixth in voting for the NL Cy Young Award last year with a 3.49 FIP (2.87 ERA). His spring was interrupted briefly by arm fatigue, a typical affliction for pitchers during camp, but now potentially a warning sign for his elbow issues. A healthy and productive 2026 would have set Pivetta up for a big contract, albeit probably in the four-year range due to his age, as he hadn't had any noteworthy injuries previously.

If this is a relatively short-term injury, Pivetta can still recoup any lost value by pitching anywhere close to what he did in 2025. But if it is more serious, including possibly needing Tommy John surgery, the decision to stick with the Padres through the end of the contract will be a no-brainer.

Yuki Matsui

Contract: Signed a five-year, $28 million deal prior to the 2024 season.

Decision: Matsui has opt-outs after this season and the 2027 season, with a clause that allows the final year to be converted to a club option if he sustains a serious elbow injury.

The 30-year-old left-hander out of Japan is making $5.75 million this season, with his player option for 2027 at $6.5 million and for 2028 at $7 million. He has been a valuable member of the Padres' bullpen, but not at the closer level that was anticipated when he initially signed. In fact, he has only had five chances to close out a game, going 0-for-4 in 2024 and converting his only opportunity in 2025.

That doesn't mean has hasn't been good. He has had a FIP of 3.92 and 4.87 in each of his first two seasons (ERAs of 3.73 and 3.98), but his 11.3% career walk rate is three percentage points higher than the MLB average, which doesn't bode well for a prospective high-leverage reliever, while his 24.6% strikeout rate is above average by 2.2 percentage points. Matsui's 2026 season has been delayed by a strained left groin, but he should be returning shortly.

MLB teams aren't afraid to pay for quality relievers, with closers earning about $15-20 million a year on the open market and key set-up relievers getting about $10 million. With his salary climbing in each of the next two years, it is unlikely that he will get more via free agency unless he reduces his walk rate and becomes a more reliable late-inning option.

Wandy Peralta

Contract: Signed a four-year, $16.5 million contract before the 2024 season.

Decision: Peralta has a player option this offseason for the final year of his contract.

In his 11th season, Peralta is scheduled to make $4.45 million in 2027, the same figure he is making this year. He has also had player options for each of the last two offseasons. The 34-year-old left-hander has been very reliable as a middle reliever throughout the bulk of his career and made a career-high 71 appearances in 2025. He had a 3.62 FIP (3.14 ERA), better than the 4.44 (3.74) marks for his career.

Considering Peralta has exercised his options to stay in San Diego each of the last two offseasons, coming back for his modest salary would seem to be the move here. His career walk and strikeout rates are just a bit below average, but nothing he isn't used to working around. To compensate, Peralta has allowed an opponent OPS of .692, which is better than the MLB average of .731.

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