Rays' Nick Martinez Declines $20M Option and Heads to Free Agency

Tampa Bay Rays starting pitcher Nick Martinez has declined his mutual option and will become a free agent. Martinez declined his side of the $20 million mutual option, picking up $4 million in the process, as reported by Jon Heyman on October 30. Coming off a strong year, the decision should come as little surprise: in 2026 he totaled a 15-6 record with a 3.10 ERA, and mutual options are almost never exercised by both sides. While there is uncertainty about what the new collective bargaining agreement will look like after an expected lockout, Martinez should be able to land a deal worth more than $20 million based on his production. He will now join Freddy Peralta as Rays starters hitting free agency, after Tampa Bay's season ended with a 4-1 World Series defeat to the Milwaukee Brewers, clinched in Game 5 on Wednesday. The Rays will certainly look at internal options to replace the outgoing starters, but they will also likely have to check free agency for help as they try to get back to the World Series. For Martinez, a free agent at the peak of his value, the decision sets up one of the more interesting starting-pitcher markets of an offseason already shaped by the looming December 1 CBA expiry.