It appears the San Francisco Giants could explore the idea of adding a new closer during this offseason, but making that type of upgrade is unlikely to come at a bargain price. The reliever market is already being shaped by recent signings, and one of the most notable moves came from the Atlanta Braves, who chose to bring back Raisel Iglesias on a one-year contract worth $16 million. That agreement alone may serve as a signal of how expensive even a mid- to upper-tier closer can be, potentially putting similar options outside of the Giants’ comfortable spending range for a bullpen role.
While Iglesias is widely viewed as a dependable late-inning arm, he is not typically grouped among the very best relievers in Major League Baseball. Over the course of his career, he has provided stability and experience, but he has never been selected to an All-Star team, which highlights that he is generally perceived as more solid than spectacular.
His 2025 season also had its share of ups and downs. At certain points, he went through stretches where his effectiveness took a noticeable dip, and he had moments that raised questions about his overall consistency.
However, despite those patches of inconsistency, Iglesias managed to keep his season statistics fairly respectable by the end of the year. His final numbers did not reflect a complete collapse in performance, suggesting that while he may no longer be at an elite level, he still offers enough reliability to attract significant interest and command a sizable salary. For the Giants, this kind of price tag attached to a non-elite closer illustrates just how challenging it could be to strengthen the bullpen without overpaying, and it may ultimately force them to consider more affordable, creative alternatives if they do decide to address the ninth-inning role.
SF Giants may already be priced out of closer market
Over the course of 70 appearances last season, the veteran reliever posted a solid 3.21 ERA and picked up 29 saves, while striking out 73 batters across 67⅓ innings of work. Those numbers still reflect effectiveness late in games, but at 35 years old, he presents a degree of risk that teams must carefully weigh before committing significant money.
Age is always a major factor when evaluating bullpen arms, especially for pitchers who depend heavily on velocity and sharp breaking pitches to get outs in high-pressure moments. It is likely because of this age-related uncertainty that Atlanta chose to offer him only a one-year contract. A short-term deal gives the Braves stability in the ninth inning without exposing the organization to long-term financial risk if his performance were to decline or injuries were to become an issue.
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However, his contract could simply be the beginning of what promises to be a very expensive and aggressive offseason market for elite closers. If a 35-year-old pitcher with solid—but not necessarily dominant—numbers is earning that kind of salary, then it raises an important question: what kind of money will the truly elite names command in free agency? Relievers like Robert Suarez and Edwin Díaz will likely set the bar even higher.
Both pitchers are All-Star caliber talents who have proven themselves on the biggest stages and have consistently delivered outstanding results when games hang in the balance. Because of their track records, consistency, and still being in their primes, there is a strong belief that they will secure lucrative, multi-year deals at a value exceeding $20 million per season. Teams desperate for dominance in the ninth inning will be willing to outbid one another for their services.
Such inflation in the relief pitching market won’t stop with just those two names. Even someone like Devin Williams is poised to draw heavy interest, despite what could be considered a slightly uneven season with the New York Yankees. While his most recent performance may not match the same dominance he displayed in previous years, his reputation as one of the game’s premier relief pitchers remains firmly intact.
At his best, Williams is nearly unhittable, thanks in large part to his devastating changeup and exceptional command. For that reason alone, front offices will still view him as an elite arm capable of anchoring a bullpen for years to come. As a result, his next contract could be massive, especially if multiple teams are competing for his signature.
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The San Francisco Giants, meanwhile, have found themselves loosely connected to Williams in offseason speculation. On paper, he would instantly stabilize the back end of their bullpen and give them a legitimate shutdown presence in the ninth inning.
But as the financial landscape of the closer market becomes clearer, it would not be shocking if the Giants chose to avoid getting caught in a bidding war altogether. Paying top dollar for a reliever, no matter how talented, has often proven to be a risky strategy in today’s game. Relief pitchers are notoriously volatile, and even the best among them can experience drastic swings in performance from year to year.
That reality likely explains some of the comments made by Giants president of baseball operations Buster Posey. Rather than locking the team into one expensive, high-profile option as the unquestioned closer, Posey has hinted that the organization may prefer to take a more open-ended and flexible approach.
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One possibility he alluded to was fostering a competition for the closer role, allowing multiple pitchers to battle it out during spring training and the early part of the season to see who ultimately proves they deserve the job. This method prioritizes performance over reputation and salary, and it also gives the Giants a chance to uncover value in unexpected places.
By choosing this route, San Francisco could focus on bringing in several arms on short-term, lower-cost contracts instead of putting all their resources into one major signing. From there, they can evaluate who emerges as the most consistent, reliable, and mentally prepared to handle the pressure of the ninth inning.
This strategy might include a mix of veteran relievers looking to bounce back, younger pitchers eager to establish themselves, and internal options already within the organization. Such an approach not only saves money but also creates depth, which is critical over the course of a long season.
In recent years, the Giants have already learned a difficult lesson about the dangers of investing heavily in a single high-profile closer. When those signings fail to live up to expectations—whether due to injury, regression, or simply bad luck—the team is left dealing with both underperformance on the field and a significant financial burden on the books. Those experiences are still fresh in the minds of both the front office and the fanbase. With that history in mind, a more cautious, diversified strategy in building the bullpen may prove to be the smarter and more sustainable path forward.
Of course, this conservative approach will not satisfy every fan. There will always be a segment of the fanbase that believes the Giants should go all-in on a proven, elite closer in order to make a bold statement of intent and contend with the biggest spenders in the league.
From that perspective, opening the checkbook for a dominant late-inning presence feels like a necessary step for competing at the highest level. But when taken in context with Posey’s public comments, the steep early contracts already being handed out, and the overall unpredictability of relief pitchers, it seems increasingly unlikely that San Francisco will be among the most aggressive bidders.
Instead, the Giants appear more inclined to let the market play out from a distance, signing value contracts and prioritizing internal competition over star power. In today’s climate, where reliever prices are skyrocketing and long-term success from bullpen arms remains far from guaranteed, that approach may ultimately prove to be the wiser one.
Rather than tying themselves to a single expensive closer, they may choose to trust in depth, development, and flexibility to discover their answer in the ninth inning. In the long run, this measured strategy could protect the organization from repeating past mistakes while still giving them a chance to build a strong, reliable bullpen capable of closing out games just as effectively.
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