Pete Fairbanks isn’t returning to the Tampa Bay Rays, but the right-handed relief pitcher is staying in Florida. The Miami Marlins are signing the 32-year-old Fairbanks to a one-year, $13 million deal, according to multiple reports Wednesday.
Fairbanks, 32, entered the open market after the Rays declined his $11 million club option for 2026. As a free agent, he will reportedly sign a contract worth $2 million more.
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There’s a $1 million signing bonus included in the deal, plus an additional $1 million in incentives based on appearances, per MLB.com, which reported that Fairbanks will have the largest annual salary the Marlins have ever given a relief pitcher, topping the $9 million average Heath Bell earned over the 2012-14 seasons.
Fairbanks was drafted by the Texas Rangers in 2015 and made his major-league debut for the organization in 2019. He was traded to the Rays later that year. He spent six-plus seasons in Tampa, serving as the Rays’ primary closer from 2023 to 2025. Over those three years, he piled up 75 saves, good for 12th-most of any reliever during that span, according to The Athletic.
In that stretch, he has recorded a save in 85.2% of his opportunities and posted a 2.98 ERA, 171 strikeouts and only 55 walks. His consistency can be attributed to a high-powered fastball that hovers around 97 mph and is aided by his 6-foot-6, 235-pound frame. Fairbanks has a reliable slider as well and has recently worked a cutter into his arsenal.
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Injuries have been an issue for him. From 2021 to 2024, he landed on the injured list on seven different occasions, per The Athletic.
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That said, he stayed away from the IL this past season while stacking a career-high 60 1/3 innings across 61 games. His 27 saves were also a personal best.
Although it has declined in recent seasons, Fairbanks’ average strikeouts per nine innings — which was 8.8 in 2025 — should provide a boost to a Marlins bullpen in which he’ll be joined by fellow righties Anthony Bender, Calvin Faucher and Tyler Phillips.
Last year, Miami’s bullpen finished 22nd in MLB in ERA (4.28) and 25th in strikeouts per nine innings (8.21).
Earlier this week, the Marlins announced that right-handed reliever Ronny Henriquez will miss next season after undergoing a hybrid procedure that featured Tommy John surgery.