Lucas Giolito Finally Lands With Team, Signs Free Agent Deal

Lucas Giolito rejected his end of a $19 million mutual option with the Boston Red Sox after the 2025 season, opting instead for a $1.5 million buyout to seek a big deal on the free agent market. He wound up sitting without a contract until today, nearly a month into the season. He's taken quite the haircut, too, agreeing to a $3 million deal with the San Diego Padres.

Welcome to San Diego, Lucas!

We have signed right-handed pitcher Lucas Giolito to a one-year contract with a mutual option for the 2027 season. pic.twitter.com/2fF8lMmYn6
— San Diego Padres (@Padres) April 22, 2026

The contract comes with a mutual option for the 2027 season.

Giolito, 31, made a nice comeback from elbow surgery in 2025 with the Red Sox, posting a 10-4 record with a 3.41 ERA last year. Based on that, he figured he'd get a nice deal in free agency, and made a $19 million gamble on that. With his $3M agreement today, he obviously came out a loser on that gamble.

Teams may have been scared off after Giolito, who sat out 2024, missed the '25 postseason due to right elbow irritation/flexor strain. He reported being fully healthy and recovered by November, but it took another five months for a team to bite.

The Padres are off to a sensational start to the 2026 season, tied for first place in the NL West with the LA Dodgers at 16-7. If Giolito can regain at least his form from last season, he could rack up plenty of wins, and take his chances on a better return on the market this coming offseason.

San Diego, despite its solid standing, was in desperate need of a boost for their rotation, which is without Nick Pivetta, Joe Musgrove and Griffin Canning (Yu Darvish is also out for the entire season).

It's a low-risk, high-upside move for the Padres to get Giolito on an extremely team-friendly deal.