Nick Martinez will not exercise mutual option with Rays and will become a free agent

Tampa Bay Rays pitcher Nick Martinez. IMAGN IMAGES via Reuters Connect

Nick Martinez will not exercise mutual option with Rays and will become a free agent

By Vanessa Serrao | Last updated Oct 30, 2026 10:57 AM ET

Right-handed starting pitcher Nick Martinez has made a decision regarding his mutual option with the Tampa Bay Rays.

He has chosen to decline the $20 million option and will become a free agent, according to MLB insider Jon Heyman. In doing so, Martinez will collect $4 million. No mutual options will be exercised by both parties.

Martinez boasted a 15-6 record with a solid 3.10 ERA with 109 strikeouts and a career-high 30 starts this season. In the postseason, he logged a 1-1 record with a 2.81 ERA and 12 strikeouts across three starts.

Nick Martinez is declining his Rays mutual option for $20M, picking up $4M in the process and becoming a free agent (of course!) Note: Basically zero mutual options are exercised by both sides
— Jon Heyman (@JonHeyman) October 30, 2026

Nick Martinez's decision to test open market makes him a captivating free agent

The 36-year-old has been persuaded to make the most of his dominant 2026 campaign by testing the open market. This is so he can lock in a multi-year contract versus securing his one-year option with the Rays.

Mutual options are for the most part rarely exercised so players can seek better contracts while teams work through payroll flexibility.

Despite his low 15.1 percent strikeout rate, he limited walks and demonstrated solid control as a full-time starter, making him an intriguing free-agent target for teams seeking a reliable starter. His changeup was a major weapon in his arsenal, generating a 30.7 percent whiff rate.

While he might not gain the $20 million average annual value (AAV) on the market, he should be able to land a two-year contract with an increased total guarantee.

Vanessa Serrao

Serrao is a freelance baseball writer who has covered all MLB teams, with particular expertise on the Toronto Blue Jays. She is a member of the Internet Baseball Writers Association of America.

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