Rays' Nick Martinez Reportedly Declines Contract Option, Will Hit MLB Free Agency After World Series

Coming off an All-Star appearance in 2026, Nick Martinez is headed for free agency.

Per Jon Heyman of the New York Post and MLB Network, Martinez will decline his $20 million mutual option for 2027.

Martinez joined the Rays on a one-year deal worth a guaranteed $13 million in February 2026. The contract included a mutual option for 2027 with a $4 million buyout that will be paid by the club.

The deal turned out to be a steal in 2026, as Martinez put together arguably the best season of his career at the age of 35. He finished with a 3.10 ERA, setting career-highs in starts (31) and innings (180.0) in the regular season.

Tampa led the AL with 98 wins during the regular season to win the AL East for the first time since 2021. Martinez was given the ball for Game 1 of the World Series against the Milwaukee Brewers, allowing two runs in five innings in a 3-2 loss.

The Rays are normally tight with their payroll, so it will be interesting to see if they try to bring back Martinez given how much he can command on the open market.

Martinez opting out means the Rays are once again not on track to have an individual player make at least $15 million since Charlie Morton in 2019 and '20.

The strength of Tampa's roster during its run to the World Series last season was run prevention. Much of that could be attributed to a strong starting rotation, led by Martinez, Drew Rasmussen and Shane McClanahan.

Rasmussen and McClanahan remain under contract for 2027, so that unit should remain an asset for the Rays. Ryan Pepiot, who missed all of last season recovering from hip surgery, will likely be counted on to replace some of Martinez's production.

Martinez, meanwhile, will look to cash in with another contract as he enters his age-36 season. The right-hander is very reliable as a swing arm on any pitching staff because of his ability to start or cover multiple innings in relief.