The Cincinnati Reds are no longer actively negotiating a contract extension with shortstop Elly De La Cruz, according to league sources briefed on discussions. Talks that generated serious buzz in spring training have cooled without a framework emerging. No formal offer reached De La Cruz's representatives in the past sixty days.
De La Cruz, 23, is under club control through 2028 under baseball's arbitration system. He hit .259 with 25 home runs and 67 stolen bases in his first full season, the kind of speed-power combination that typically commands $200-300 million in open-market bidding. The Reds explored locking him in early at a discount to that ceiling, a playbook Cleveland and Tampa Bay have executed successfully with young stars. The conversations never reached term sheets.
The stall matters for two reasons. First, every season De La Cruz plays without an extension is a season his price climbs if he stays healthy and productive. Fernando Tatis Jr. signed for $340 million before his age-23 season; Julio Rodríguez took $210 million with performance escalators to $470 million. The Reds' window to buy out arbitration years and early free agency at a relative bargain closes as De La Cruz piles up All-Star appearances. Second, it signals ownership's continued reluctance to deploy stadium-revenue windfalls on payroll. Great American Ball Park sits in a market where the club drew 2.38 million fans in 2024, middle-of-the-pack attendance that still generates $150+ million in annual ballpark-related revenue. The Reds opened 2025 with a $104 million payroll, 21st in the league. Extending De La Cruz would require adding $25-30 million annually to that number in the out years, a commitment ownership has shown little appetite for even as the roster enters a theoretical contention window.
The timing also creates optionality for other clubs. De La Cruz's agent, Dan Lozano of MVPSports, represents a client list heavy on Latin American stars who've extracted maximum value in free agency. If the Reds remain unwilling to approach Rodríguez-level money, Lozano can wait and test the market in 2029, when De La Cruz would hit free agency at 27. Several large-market clubs already track De La Cruz's arbitration timeline closely; one AL East executive mentioned him unprompted in a January conversation about 2028-2029 targets. The Reds' failure to extend him now means they either pay significantly more in two years or begin weighing trade scenarios if the roster underperforms.
Cincinnati's broader payroll strategy complicates the math. The club has $47 million committed to three players for 2026—pitcher Hunter Greene, third baseman Jeimer Candelario, and first baseman Ty France. De La Cruz's first arbitration year arrives in 2026, likely in the $8-12 million range, then escalates rapidly. The Reds would need to eclipse $150 million in total payroll to field a credibly competitive roster around an extended De La Cruz, a threshold the organization hasn't touched since 2019. Ownership has preferred to churn mid-tier veterans and rely on cost-controlled talent, a model that produces 84-win seasons and early playoff exits when it works and 70-win seasons when it doesn't.
Watch for two inflection points. First, whether the Reds engage Lozano again before the 2025 All-Star break; a second-half offer would signal ownership pressure from a vocal fanbase. Second, whether De La Cruz's on-field performance this season—particularly his strikeout rate, which sat at 28.4% last year—gives the front office cold feet about guaranteeing nine figures. If he cuts that number and steals another 60+ bases, the price only climbs. If he struggles, the Reds gain leverage in a 2026 negotiation.
The phone calls between Cincinnati and Lozano will resume eventually. The question is whether the Reds return with a number that reflects what De La Cruz will cost in free agency, or whether they've already decided to let someone else pay it.
The takeaway
Reds' failure to extend Elly De La Cruz early means they either pay market rate in two years or trade him before free agency at 27.
cincinnati redselly de la cruzcontract extensionmlb arbitrationtransfer intelligencepayroll strategy
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