Michael King Highlights Impending Option Decisions for Padres

For the first time since 2006, the San Diego Padres failed win a playoff series in a year in which they made the postseason. That doesn't mean general manager A.J. Preller is going to blow things up, but after the team pushed a lot of chips into the center of the table at the trade deadline, the franchise is going to have to make a lot of tough decisions this offseason.

They've got a quintet of key free agents to negotiate with, including Dylan Cease and Luis Arraez. Their option decisions similarly feature key figures on both sides of the ball: Michael King and Ramón Laureano. King has a mutual option, as does catcher Elias Díaz. Meanwhile, Laureano and pitcher Kyle Hart both have club options for 2026, and reliever Wandy Peralta has a player option. There's going to be legitimate conversations from the Padres' side of things regarding each player, and whether or not there's room in the budget (and on the roster) for each guy.

Let's take a look at each individual option decision the Padres are facing this offseason and try to gauge what the team may do.

Note: Closer Robert Suarez has an early termination option in his contract, though we'll cover that in depth in a separate article.

Michael King (Mutual Option)

Mutual options are almost never exercised by both sides, and the same will likely be true for King. Despite missing a large chunk of the season with separate knee and shoulder injuries, he was still very effective in 2025, recording a 3.44 ERA and 4.42 FIP in 15 starts (73 1/3 innings). His strikeout rate dipped a bit from his excellent 2024 season, but he's been so good since the Padres converted him to a full-time starter (3.10 ERA in 247 innings) that it's not hard to imagine a world in which someone offers the 30-year-old a nine-figure deal.

His mutual option is worth $15 million, which is hardly a number worthy of a starting pitcher with King's recent track record. At the very least, if he declines his end of it, King is a lock to receive a qualifying offer worth $22 million. It's worth keeping in mind the Padres already have $56.5 million in 2026 salary tied up in Joe Musgrove, Yu Darvish, and Nick Pivetta, meaning the team may be forced to choose between King and Cease this winter. Expect the Padres to pick up their end of this option, and for King to swiftly decline it in response.

Ramón Laureano (Club Option)

This is the easiest decision here. Laureano has been an above-average bat since breaking into the big leagues, and he was brilliant in 2025 between the Baltimore Orioles and Padres. After arriving in San Diego after the trade deadline (alongside Ryan O'Hearn), Laureano put on an offensive clinic, slashing .269/.323/.445 with nine home runs, good for a 127 wRC+. That was actually a 17-point drop-off from his work with the Orioles, highlight just how effective the outfielder was at the plate in 2025.

Now 31 years old, Laureano's club option is worth just $6.5 million for 2026. His right-handed power is absolutely essential for this lineup, as he joins Manny Machado, Fernando Tatis Jr., and Xander Bogaerts as high-quality hitters that can offset the parade of lefties Mike Shildt can throw at opponents. His defense has fallen off in recent years, but he should be penciled in as next year's starter in left field until further notice.

Wandy Peralta (Player Option)

A key piece of the bullpen over the past two seasons, Peralta was near the peak of his powers in 2025. He logged a 3.14 ERA and 3.62 FIP over 71 appearances (71 2/3 innings), settling nicely into his role as a middle reliever among the Friars' loaded relief corps. Depending on what happens with Suarez, as well as the health of Jason Adam, Peralta might either be deemed superfluous by the Padres, or an absolute necessity for next year's bullpen.

Peralta's four-year contract actually includes player options after each season, and next year's is worth $4.45 million. The 34-year-old can probably do better than the two years and $8.9 million remaining on his deal, so even if he wants to stay in San Diego, he'd be foolish not to test the open market to try and coax a few more dollars out of the organization.

Elias Díaz (Mutual Option)

Diaz was tabbed as the starting catcher heading into the season after impressing in his cup of coffee with the Padres in 2024, though he completely fell apart at the plate. He struck out a whopping 26.1% of the time, a damning indictment of a player who builds his plate approach around smart swing decisions. His .204/.270/.337 (74 wRC+) wasn't unplayable for a backstop (especially compared to Martín Maldonado's 61 wRC+), but it was clear the team had to upgrade on their catching tandem, and they did so by acquiring Freddy Fermin at the trade deadline.

Fermin, 30, has four years of team control remaining via arbitration. He'll be cheaper and younger than Diaz next year, whose mutual option is worth $7 million for 2026. Assuming the Padres have enough confidence in Luis Campusano's ability to be a backup catcher, expect them to decline Diaz's mutual option and let the 2023 All-Star seek employment elsewhere.

Kyle Hart (Club Option)

For the first time since 2020, Hart pitched major league innings in 2025, authoring a 5.86 ERA and 5.18 FIP in 43.0 innings. He made 20 appearances, six of which were starts. The left-hander's peripherals were better than his actual results, as his 3.54 xERA and 7.3% walk rate suggest that there's more untapped potential in his arm. However, he'll turn 33 in November, and his lack of major league success is concerning.

Hart has only pitched 54 innings in his big league career, though he does have an abundance of starting experience overseas, as well as 129 career starts in the minor leagues. His $5 million option might be a bit too rich for the Padres' blood after he was thoroughly mediocre in the major leagues in 2025, but he is quality pitching depth, which is always valuable. Expect the team to decline the mutual option, but don't be surprised if they try to re-sign Hart at a lower salary for next year (perhaps on a minor-league deal).