Saturday, November 7, 2026 — the Rays paid their ace, and the trade speculation started anyway.
The Rays exercised Drew Rasmussen’s $20 million club option for 2027 on Halloween, an easy call after the best season of his career. It is the highest average annual value in franchise history. Within days, though, ESPN’s Jeff Passan ranked Rasmussen as the No. 1 trade candidate of the winter.
How the Option Got Here
Rasmussen signed a two-year, $8.5 million deal in January 2025 to avoid arbitration. The 2027 club option started at $8 million but escalated to $20 million because he stayed healthy and made at least 28 starts. Tampa Bay chose it over a $500,000 buyout, making the deal worth $28 million over three seasons. He can become a free agent after 2027.
The Season
Rasmussen, 31, went 16-5 with a 2.67 ERA over a career-high 172 innings in 30 starts. In the postseason, he was 2-1 with a 2.20 ERA in five starts, including a no-hit bid into the eighth inning in the ALDS opener against the Yankees, a 1-0 win in which he struck out 10. He also started World Series Game 5 on three days’ rest and took the loss in the Brewers’ clincher.
The durability matters as much as the numbers. Rasmussen has had three major elbow surgeries — Tommy John in 2016 and 2017 and an internal brace procedure in 2023 — yet stayed healthy all year.
Why the Trade Talk?
Because these are the Rays. Erik Neander said the club has “every intention” of Rasmussen anchoring the 2027 rotation — but he said much the same about Tyler Glasnow in 2023 before trading him. A $20 million salary is a big number for Tampa Bay, and with only one year of control left, Rasmussen’s trade value may never be higher. The Orioles are among the teams already linked to him as a potential target.
Other Moves
The Rays also saw Nick Martinez decline a $20 million mutual option and Cedric Mullins decline a $10 million mutual option, sending both into free agency. Yandy Díaz’s $13 million option vested, and the club exercised Taylor Walls’ $3.1 million option days before Walls won a Gold Glove.
The Read
Exercising the option was a formality; what comes next is the real decision. Coming off a pennant, Tampa Bay could keep its ace for another run — or, true to form, sell high on a pitcher with a year left. Either way, Rasmussen will be one of the most-discussed names of the winter.
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