Nick Martinez declined his $20 million mutual option with the Rays, taking a $4 million buyout and returning to free agency. The 36-year-old is coming off his best season as a full-time major league starter and is expected to draw interest in a guaranteed deal, though likely below the option’s $20 million annual value.

By the Numbers
  • $20 million mutual option; $4 million buyout.
  • 31 starts, 180 innings and a 3.10 ERA in 2026.
  • 3.6% walk rate, best among qualified starters.
  • 2.9 FanGraphs WAR; 3.96 FIP and 4.63 SIERA.
Yes, But

Martinez’s exceptional control and strong results are offset by a below-average 15.1% strikeout rate and less favorable ERA estimators. Those measures suggest his 3.10 ERA may overstate his underlying performance.

State of Play
  • Martinez is a free agent after one season in Tampa Bay, where he earned $13 million.
  • The Rays’ projected 2027 cash payroll is $105.6 million; exercising Martinez’s option would have added $16 million.
  • Tampa Bay also faces option decisions on Yandy Díaz and Taylor Walls.
What's Next

Martinez is expected to pursue a multiyear contract with a total guarantee above his buyout, even if his annual salary falls short of $20 million. The Rays’ remaining option decisions will clarify the roster and payroll picture for 2027.

Bottom Line

Martinez is betting that a standout season built on elite command will earn him more security on the open market than the mutual option offered.