Takeaways from Bieber, Bregman, Alonso, other stars' contract options

Thursday marks the deadline for MLB teams and players to exercise or decline 2026 contract options. Here's what it means for several notable players who either opted in or out.

Shane Bieber

Bieber delivered the first surprise of the offseason Tuesday by exercising his $16-million player option for 2026. Bieber's commitment to Toronto isn't shocking, as he made clear he enjoyed playing for the Blue Jays. Still, the right-hander passing on free agency and accepting a well below-market deal was a major surprise. Bieber's option included a $4-million buyout, meaning he effectively agreed to a one-year, $12-million contract in new money. Some projection models anticipated Bieber to secure $60 million to $100 million or more this winter, following his strong return from Tommy John surgery. Not being attached to a qualifying offer also boosted his appeal compared to other top free-agent starters.

Retaining Bieber at a modest cost gives the Blue Jays a head start on what's expected to be a busy winter. Starters Kevin Gausman, Bieber, Trey Yesavage, Jose Berrios, Bowden Francis, and Eric Lauer all remain under team control. Bieber's contract essentially replaces Max Scherzer's $15.5-million departing salary, and he now enjoys a full, healthy offseason with a familiar club. An extension is possible, although the sides aren't reportedly discussing it. Toronto rolled the dice acquiring Bieber at the deadline after his surgery, but that deal couldn't look better now.

Alex Bregman

Bregman hits the open market seeking a long-term contract for a second straight offseason - but this time he's not tied to a qualifying offer. He proved an ideal fit in Boston, both on the field and in the clubhouse. The 31-year-old should have a strong market given the lack of difference-making position players available, although securing the five- or six-year contract he desires isn't a guarantee.

Bregman recorded 18 home runs, 29 doubles, and put up a .821 OPS - his highest mark since 2019. However, he appeared in only 114 games and posted a .727 OPS after the All-Star break. He notably hit better on the road than at Fenway Park, a point he'll likely make as part of his pitch to other teams. Last winter, Bregman settled on a short-term, high-dollar contract that included opt-outs to reestablish his value. He'll be hoping to follow a similar framework to that of third baseman Matt Chapman, who initially signed a three-year deal with the San Francisco Giants containing two opt-outs before inking a lucrative extension.

It wouldn't be shocking to see Bregman remain in Boston and continue mentoring a young core. But the Red Sox - like a number of other teams - might be scared to commit significant dollars and years to a third baseman entering his age-32 season. Still, it would be quite the turn of events if Boston let Bregman walk after trading Rafael Devers away to make room for him at third base.

Trevor Story

While one member of the left side of the Red Sox infield departed, another stayed. Story decided not to opt out of the final two years and $55 million remaining on his deal. Injuries limited him to 163 games across his first three seasons in Boston, but he played in 157 contests this past campaign. The 32-year-old put together a strong 2025, hitting 25 home runs to go with 31 stolen bases and a .741 OPS.

Given the lack of shortstop depth available, Story likely would've surpassed the total dollars remaining on his deal if he opted for free agency, though he probably would have needed to accept a lower AAV. Instead, Story chose to stay with the Red Sox, reportedly appreciating the club's direction. Part of him might also feel like he owes the franchise after missing so much time in the early part of his contract.

Edwin Díaz

Díaz will hope to cash in again in free agency and take advantage of a dismal relief class. The right-hander quietly put together the second-best season of his career, accruing a 1.63 ERA, 0.87 WHIP, and 98 strikeouts across 66 1/3 innings. Even heading into his age-32 season, Díaz remains one of baseball's elite closers, grading in the 99th percentile in K%, whiff rate, and xERA.

He allowed a run in only eight of his 62 appearances in 2025 while surrendering just four homers. Díaz opting out of the final two years and $38 million left on his deal isn't much of a surprise, considering he could surpass his own record (5 years, $102M) for the richest contract for a reliever in MLB history. If he can't find those dollars, Díaz may seek a deal similar to Josh Hader's (5 years, $95M) or Tanner Scott's (4 years, $72M), though both were younger. Regardless of what Díaz signs for, the pact will be worth significantly more than what he left on the table by opting out. After Díaz and Robert Suarez, the free-agent reliever market drops off significantly in talent.

Pete Alonso

Alonso is entering the market for a second straight winter, hoping he's viewed more favorably across the league after settling for a prove-it deal with the Mets. The 30-year-old followed up with another excellent campaign, hitting 38 home runs, 41 doubles, and recording a .871 OPS while playing in all 162 games for the second consecutive season. He also lowered his strikeout rate to 22.8% and posted the second-best wRC+ (141) and slugging percentage (.524) of his career.

Signing any slugging first baseman in his 30s can be a terrifying thought - just ask the Baltimore Orioles - but Alonso isn't showing signs of decline. His hard-hit percentage, bat speed, and exit velocity all remain elite. Though not a fast or gifted defender, Alonso provides an impact bat for the middle of any lineup. While he won't approach the six-year, $162-million deal Freddie Freeman signed with the Los Angeles Dodgers, Alonso should benefit from not being attached to a qualifying offer and command north of $100 million.

Shota Imanaga

Imanaga's four-year, $53-million contract signed prior to the 2024 season seemed like a steal, but a second-half free fall in 2025 led the Cubs to decline the remaining years on his contract and allow the left-hander to hit free agency. The 32-year-old outperformed some underlying metrics over his first 13 starts in 2025 (2.40 ERA/4.35 FIP), but things unraveled post-All-Star break as he recorded a 4.70 ERA over his final 13 starts, surrendering 20 home runs in 76 2/3 innings.

The question is whether a hamstring strain that sidelined Imanaga for nearly two months was a driving factor in his struggles, or whether the league adjusted to a low 90s fastball and a pitching arsenal that doesn't miss many bats. Maybe it was a combination of all those factors. However, it comes as a bit of a surprise that the Cubs, who desperately need starting pitching, weren't willing to pay a relatively modest cost to keep Imanaga in the back end of the rotation. Chicago clearly believes it can find a more valuable arm for that money. Imanaga should generate enough interest this winter and aim to land in a bigger ballpark where his 54.5% flyball rate plays better than it does at Wrigley Field.

Salvador Perez

It looks like Perez will play out the rest of his career in Kansas City, and that's a good thing. He signed a two-year, $25-million extension that takes him through his age-37 season. The five-time Gold Glove winner has been catching less and designated hitting more, so expect that trend to continue. Perez represents a strong veteran presence and great leadership, and he remains productive at the plate. He's coming off a 30-homer season and posted the fourth-best slugging percentage (.446) among qualified catchers. Perez sits 15 home runs away from tying George Brett for the most in franchise history and is destined for the Royals' Hall of Fame.