Breaking: Last Closer on Market, Pete Fairbanks Signs Free Agent Deal

As the last true closer on the market, former Tampa Bay Rays reliever Pete Fairbanks was a sought-after player. On Christmas Eve, it’s the Miami Marlins that get him gift-wrapped for their bullpen.

THE MARLINS GOT THEIR MAN ✍️

They've reached an agreement with free agent closer Pete Fairbanks, per @WillSammon pic.twitter.com/MyOK1meRaG
— Fish On First (@FishOnFirst) December 24, 2025

It's a one-year, $13 million contract, just a shade under the AAV levels of the top tier of the market this winter. The Marlins had been targeting Fairbanks for some time. He now makes the move down the I-75 in Florida.

The Rays had declined Fairbanks' $11 million option for 2026, sending him into free agency.

Not quite in the same tier of an Edwin Diaz ($23M AAV), Robert Suarez ($15M AAV), or Devin Williams ($15M AAV), the top closers that got the biggest deals, Fairbanks nevertheless has averaged 25 saves a season over the last three years with the Tampa Bay Rays, and has been solid and consistent.

We learned just days ago that the Marlins were one of the three finalists for the 32-year-old. Izaac Azout of Fish On First told us getting their offer into the 'teens' was the key. The Marlins were dead-set on upgrading their bullpen this offseason, but had fallen short in their efforts to land one of the other notable closers, including Devin Williams, Ryan Helsley and Kyle Finnegan.

The Fish finally found the right bait to reel in their man.

Fairbanks' numbers have been excellent over the past five years. He appeared in 254 games for Tampa over that stretch, and recorded 88 saves. He posted a 2.87 ERA and struck out 11.2 batters per nine innings, while opponents only mustered a .584 OPS.