Key Highlights
- The Tampa Bay Rays have declined their $11 million option on reliever Pete Fairbanks.
- Fairbanks has been one of the better late-game arms in the sport over the past six seasons, posting a 2.87 earned run average and nearly 35% strikeout rate from 2020 to 2023.
- The decline of Fairbanks’ strikeout rate has deterred teams from investing early in the offseason, leading him into free agency for his age-32 season.
- Other free agents in similar positions include Ryan Helsley, Devin Williams, Kyle Finnegan, and Luke Weaver.
Tampa Bay Rays Decline Option on Pete Fairbanks
The Tampa Bay Rays have exercised their option to decline a $11 million deal for reliever Pete Fairbanks as of November 6, 2025. According to ESPN’s Jeff Passan, this move sends Fairbanks into free agency.
Achievements and Contributions
Fairbanks has spent almost all of his big league career with the Rays, acquiring him from the Texas Rangers in a trade for outfield prospect Nick Solak in 2019. The decision by the Rays was not surprising given Fairbanks’ track record as one of the better late-game arms in baseball over the past six seasons.
During this period, he has maintained an impressive 2.87 earned run average (ERA) across nearly 250 innings, showcasing his effectiveness and reliability in high-leverage situations. Fairbanks’ career from 2020 to 2023 was marked by exceptional strikeout rates, averaging around 35% of batters faced.
Regrettably Declining Strikeout Rates
While Fairbanks remains a valuable asset despite the decline in his strikeout rate, it is evident that teams are less willing to commit significant resources early in the offseason. The dip from nearly 35% of batters faced to around 24% over the last two seasons has affected his overall effectiveness and value.
Fairbanks’ 12.6% swinging strike percentage is still above league average, but it has dropped significantly compared to previous years. His velocity has also backed up slightly from its peak in 2022-23, where he averaged north of 99 mph on his fastball.
Possible Free Agency Outcomes
The decline in strikeout rates likely contributed to the Rays’ decision not to extend Fairbanks. While a two-year deal paying less than $11 million annually is possible, a one-year contract in that range could also be viable. Other free agents who may seek similar deals include Ryan Helsley, Devin Williams, and Kyle Finnegan.
The Rays’ decision to let Fairbanks go into free agency is a notable development in the early stages of what promises to be an active offseason for MLB teams. As players like Fairbanks navigate their options, it will be interesting to see which teams are willing to invest and how much they are willing to pay.
