Veteran right-hander, Padres both decline respective options

The Padres and Nick Martinez have each declined their simultaneous options on the right-hander’s services for the 2024-25 seasons, Kevin Acee of the San Diego Union-Tribune reports, and Martinez is now a free agent.

Martinez re-signed with San Diego last winter on a contract that is now ultimately a one-year, $10M pact, but it represented three years and $26M in guaranteed money.  Following this season, the Padres had to decide whether or not to exercise $16M options on Martinez for both the 2024 and 2025 seasons.  If the Padres rejected those club options, they turned into player options worth $8M apiece, and Martinez then had to decide whether or not to exercise both years’ worth of options at once.

This rather complicated setup ended up being pretty simple, since both sides declined the two years’ worth of options, and Martinez will head back into the open market.  Although the Padres have some holes to fill in their rotation this winter, it seemed like retaining Martinez wasn’t too likely, as he had mostly worked as a reliever over his two seasons with the team.  The $32M price tag for a pitcher who might be best suited for swingman work might’ve also been too pricey for a San Diego franchise that looks to be cutting costs to some extent in 2024.  If the payroll will indeed be pared down to a relatively smaller $200M figure, Martinez could’ve been seen as a luxury.

The 33-year-old Martinez has taken an interesting career path, starting his MLB career pitching with the Rangers from 2014-17 before heading to Japan in search of a revival.  Those four years in Nippon Professional Baseball led to improved results, and the Padres signed Martinez to a four-year, $25.5M guarantee prior to the 2022 season.  This was another option-heavy contract, as Martinez had the ability to opt out after each of the deal’s first three seasons, and he took that first opt-out last winter before re-signing with San Diego on his $26M contract.

Martinez’s second stint in the majors has gone much more smoothly than his time in Texas, as the righty has a 3.45 ERA in 216 2/3 innings and 110 appearances since the start of the 2022 campaign.  Martinez has started 19 of those 110 games, while posting a 22.1% strikeout rate, 8.9% walk rate and an impressive 50.6% walk rate.  Martinez had better numbers as a reliever than as a starter in 2022, and vice versa in 2023.

The Padres have just enough injury problems to create some openings for Martinez to receive looks as a starting pitcher, even if San Diego’s general surplus of arms mostly kept Martinez limited to bullpen work.  As such, he is an intriguing pitcher to watch this offseason, with the added wrinkle that Martinez has changed representation and is now represented by the Boras Corporation, per Dennis Lin and Ken Rosenthal of The Athletic.

It stands to reason that Scott Boras will shop Martinez first as a proper starter, to maximize his possible earnings.  Since Boras is no stranger to complex contracts, so he might seek out another option-heavy type of deal for his new client with options or different incentive bonuses or price points tied to usage — appearances, innings pitched, games finished, etc.  It’s possible such a deal might come from the Padres once again, given how they already reunited with Martinez after his opt-out last winter, and how the Padres are in need of rotation help.

Seth Lugo also opted out of his deal with San Diego, and the Padres haven’t yet revealed how they’ll approach Michael Wacha’s club option, which is structured in relatively similar fashion to Martinez’s deal.  Blake Snell is also headed for free agency, leaving Joe Musgrove and Yu Darvish as the only two sure things for next year’s rotation.  It’ll be tricky for president of baseball operations A.J. Preller to find pitching while still keeping the payroll in check, and it could be that the Padres might consider adding arms when exploring potential trades involving some higher-salaried players (such as Juan Soto.