Rays closer Pete Fairbanks becomes free agent when option declined. Rays keep Brandon Lowe

By: The Associated Press Posted: 5:46 PM CST Thursday, Nov. 6, 2025 Last Modified: 6:02 PM CST Thursday, Nov. 6, 2025

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ST. PETERSBURG, Fla. (AP) — The Tampa Bay Rays declined an $11 million option on Pete Fairbanks, allowing their closer to become a free agent, while exercising an $11.5 million option Thursday on Brandon Lowe.

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Fairbanks, a right-hander who turns 32 next month, gets a $1 million buyout.

He was 4-5 with a 2.83 ERA and 27 saves in 32 chances this year and has 75 saves over the past three seasons. Fairbanks agreed to a $12 million, three-year contract ahead of the 2023 season.

FILE - Tampa Bay Rays pitcher Pete Fairbanks against the Cleveland Guardians during the ninth inning of a baseball game Sept. 4, 2025, in Tampa, Fla. (AP Photo/Chris O'Meara, File)

Lowe, a 31-year-old second baseman and first baseman, hit .256 with 31 homers and 83 RBIs this year.

He agreed in 2019 to a $24 million, six-year contract that included a $10.5 million option for 2025 that was exercised. Lowe would have received a $500,000 buyout if the option had been declined.

In addition, the Rays exercised a $2.45 million option on infielder Taylor Walls, who had a $50,000 buyout as part of the deal, which paid a $1.35 million salary this year. The Rays added a $3.1 million club option for 2027.