Nick Martinez has elected to decline his $20 million mutual option with the Tampa Bay Rays, collecting a $4 million buyout and returning to free agency after a standout 2026 campaign.
The decision, first reported by New York Post insider Jon Heyman, was widely expected, as mutual options are almost never exercised by both parties.
For the 36-year-old right-hander, it represents a chance to capitalize on the strongest season of his major-league career rather than lock in a single guaranteed year.
Martinez arrived in Tampa Bay last winter on a one-year deal that guaranteed him $13 million, structured as a $9 million base salary plus the $4 million option buyout.
He responded by going 15-6 with a 3.10 ERA across 31 starts and 180 innings, posting a 1.09 WHIP and earning his first All-Star selection.
At an age when many pitchers begin to fade, he delivered durable, high-leverage innings that helped the Rays capture the American League pennant and reach the World Series.
He even drew the start in Game 1 against the Milwaukee Brewers, allowing two runs over five innings in a tight loss.
Between his regular-season salary and the buyout, Martinez will have earned $13 million for his single year in St. Petersburg.
That total understates his value to a Rays club that typically operates with a modest payroll. While the $20 million option was never fully guaranteed—Tampa Bay could have declined its end as well—Martinez’s performance gave the organization clear reason to consider retaining him.
Instead, he will test the open market, where teams in need of a reliable veteran starter figure to show interest.
A return to the Rays on a different contract remains possible. Martinez has spoken positively about his time in Tampa Bay, praising the organization and his teammates.
The Rays, who lost the World Series in five games, face several rotation questions this winter and could attempt to re-engage him on multi-year terms that better fit their budget.
For now, though, the veteran is free to explore his options after proving he can still produce at a high level deep into his mid-30s.
Whatever comes next, Martinez leaves Tampa Bay having maximized a short-term opportunity.
His combination of innings volume, run prevention, and postseason experience should command solid offers as free agency opens, giving both him and the Rays a clean slate to negotiate whatever future, if any, they share.
