Right-hander Freddy Peralta is in the final guaranteed year of his deal, though the Brewers have a club option to keep him around for 2026. Jon Heyman of The New York Post reports that Peralta has tried to get an extension done to keep him in Milwaukee longer but hasn’t yet been successful.
Peralta and the Brewers have already signed one extension. In February of 2020, they agreed to a five-year deal that guaranteed him $15.5MM over the 2020-24 campaigns. That bought out his remaining pre-arbitration and arbitration seasons. The club added two extra years of potential control via affordable $8MM club options for 2025 and 2026. They already triggered the first of those options.
Another extension would cost far more. At the time of the first one, Peralta wasn’t even established as a bonafide major league starter. He had 163 1/3 innings under his belt, over 22 starts and 33 relief appearances. His 30% strikeout rate was high but he had walked 11% of batters faced and was sporting a 4.79 earned run average. He was still two years away from qualifying for arbitration.
Things have certainly changed since then. Peralta has not only established himself as a starter, but he’s proven himself to be a great one. He stayed primarily in a relief role in 2020 but has been almost exclusively in the rotation since then, with just one relief appearance in both 2021 and 2022. On the whole, from 2021 to 2025, he has thrown 638 2/3 innings for the Brewers with a 3.40 ERA, 29.3% strikeout rate and 9% walk rate. He hasn’t been on the injured list since 2022. FanGraphs has credited him with 12.6 wins above replacement for that span, putting him in the top 20 of all pitchers in the majors.
He is at a point where he could rightly ask for a nine-figure deal. In the past five years, six other pitchers have hit the century mark on extensions as they neared free agency, as shown on MLBTR’s Contract Tracker. Zack Wheeler’s deal is a bit of an outlier in the group, since that was for his age 35- to -37 seasons. As for the other five, Garrett Crochet got $170MM over six years, José Berríos $131MM over seven, Tyler Glasnow $111.6MM over four, Luis Castillo $108MM over five and Joe Musgrove $100MM over five. In each case, the player was within two years of reaching free agency.
Crochet got to another level presumably because of his age, as he was slated to hit free agency just after his 27th birthday. Berríos also had youth on his side, as he was slated for free agency ahead of his age-29 season. Castillo and Musgrove were 30 in the first years of their respective pacts. Glasnow’s deal started with his age-31 season. Peralta is currently 29, so he’ll be 30 next year, the final club option on his current deal.
Peralta’s stats put him in a similar range to those guys. He doesn’t have Crochet’s youth but his major league track record is longer. Glasnow had a 3.03 ERA in the five years prior to signing his deal but obvious workload concerns. Berríos, Musgrove and Castillo were more reliable but had respective ERAs of 3.74, 3.61 and 3.64 in the five-year stretch leading up to their pacts, fairly close to Peralta’s 3.40 mark.
Assuming Peralta is looking for a similar guarantee to those players, it’s not surprising that the Brewers haven’t given it to him. They have only twice gone into nine-figure territory on a contract, doing so for position players both times. Ryan Braun got $105MM way back in 2011 and Christian Yelich got $188.5MM in 2020.
On the pitching side, they have been far more conservative. Matt Garza’s $50MM deal in 2014 is still the franchise record. In the past decade, Peralta’s first deal is actually near the top of the list. Aaron Ashby also signed an early-career extension, getting to $20.5MM, which is the most the Brewers have spent on a pitcher in the past ten years.
The lack of a deal will naturally lead to speculation about a Peralta trade. It’s well known that the Brewers aren’t afraid to trade players who are nearing the open market. Josh Hader and Corbin Burnes are two of the most notable examples. Hader was traded at the 2022 deadline, when he was 15 months from free agency. Burnes was traded going into the 2024 season, his final year of club control.
The Brewers also suddenly have a loaded rotation, despite dealing with a number of injuries earlier in the season. The current logjam is such that Aaron Civale, a solid veteran starter, got bumped to the bullpen. He asked to be traded and that request was granted, as he was flipped to the White Sox earlier today.
Trading Peralta now would be a much different matter, however. Civale is more of a back-end guy and he may not have been on track for being part of a postseason rotation. Peralta, on the other hand, is the club’s ace the most surefire postseason starter they have. Jacob Misiorowski has exciting stuff but has just one major league start under his belt. Chad Patrick and Quinn Priester are also fairly inexperienced. Jose Quintana is a veteran soft tosser at this point in his career. Nestor Cortes and Brandon Woodruff are currently on the injured list.
The Brewers understandably felt they could survive without Civale. Woodruff could be back in the mix soon. They also have Logan Henderson, who pitched well in the majors earlier this year, on optional assignment. Tobias Myers, who had a good year in 2024, is in Triple-A as well.
But subtracting an ace would be much more of a white flag for the season. The Brewers are currently just 2.5 games out of a playoff spot and probably wouldn’t consider a Peralta trade unless they fell further back in the standings. Heyman writes that there is belief in the industry that the Brewers will hold Peralta and pick up his option for next year, though it’s always possible they are compelled to change their minds by an offer that is too good to pass up.
The Brewers did deal Hader when he was at this stage of his club control, though the short-term results on that deal were bad. It was reported that the move didn’t go over especially well in the clubhouse and the club faded down the stretch. In the long run, it worked out well, however. The Brewers got Robert Gasser and Esteury Ruiz in that deal, later using Ruiz to get catcher William Contreras.
Perhaps a Peralta trade becomes more likely in the offseason when he’s a year away from the open market, as that was when they flipped Burnes. By that time, perhaps they feel better about Misiorowski, Patrick or Gasser stepping up to replace Peralta at the front of the rotation.
There are many variables at play, but with a new contract unlikely, Peralta rumors are likely to swirl until he is traded.
Photo courtesy of Michael McLoone, Imagn Images
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