This week they agreed to a deal with left-hander Caleb Ferguson, but the deal isn’t official yet because he has to come in and pass a physical exam (the deal is now official). Two weeks ago, the team brought back closer Emilio Pagan, giving them a late-inning option along with Tony Santillan. And in early November, Cincinnati signed right-handed reliever Keegan Thompson to a big league deal, despite the fact he spent all of 2025 in Triple-A.
After losing Kyle Schwarber, the Reds have been involved in rumors here and there about interest in this or that hitter, but many of those appear to have been shot down. And while the team made Schwarber a big offer, the club has publicly stated that they would have to be creative to make that deal work financially if he signed, and that their payroll in 2026 will be about the same as it was in 2025.
That doesn’t leave much money to spend on free agency to complement an offense that needs a lot of help. Cincinnati may need to focus on the trade market if they want to land a proven hitter.
But the exemption thread can sometimes also lead to quality improvements. Brandon Phillips had just been named to the newest class of the Reds Hall of Fame, and he was acquired in a trade from Cleveland when they had the option to trade him or place him on waivers during late spring training of 2006. He had been a top talent in baseball but had struggled to get his act together in the major leagues before arriving in Cincinnati.
Usually there’s a reason why guys end up on waivers. They haven’t performed well enough to warrant a roster spot. An interesting name placed on waivers this week is Jhonkensy Noel. The 24-year-old slugger has raw power that not many baseball players can match. But he simply struggled to hit in his 351 plate appearances with Cleveland over the past two seasons, hitting just .193/.242/.401 with 115 strikeouts and just 17 walks.
He scores better in the minors. Over the past two seasons in Triple-A, he hit .285/.349/.538 with 29 doubles, two triples, 30 home runs, 40 walks and 127 strikeouts in 126 games played. Defensively, he has spent more time at first base than in the outfield in recent years in the Cleveland organization, but he has seen plenty of time in the corner outfield spots. You can view his career stats here.
The current 40-man roster is now full, now that the Caleb Ferguson deal is official. If the Reds wanted to take a chance on a player like Jhonkensy Noel, they would have to open up a spot for him. Of course, they already have one or two players like him in Rece Hinds and Christian Encarnacion-Strand. Hinds hit a lot better in Triple-A last year and is much more athletic. Encarnacion-Strand has hit better in the past, but he struggled to average in Triple-A (.245) in 2025 after hitting 331 there in 2023.
Two tickets are better than one. And three are better than two. But to have three, Cincinnati will have to cut someone else from the roster for a player with no options.
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