Padres sign former SF Giants, Yankees reliever to four-year contract

The San Diego Padres have agreed to a four-year, $16.5 million contract with former New York Yankees and SF Giants lefty Wandy Peralta.

The San Diego Padres have agreed to a four-year, $16.5 million contract with former SF Giants reliever Wandy Peralta, according to a report by Dennis Lin and Ken Rosenthal of The Athletic. Over the past several seasons, Peralta has established himself as a solid middle reliever and setup arm with the New York Yankees and Giants. The deal is pending a physical, and includes a player opt out after each season.

SF Giants reliever Wandy Peralta pitches against the Rockies at Oracle Park. (2020) / John Hefti-USA TODAY Sports

Peralta has been a fixture at the back of the Yankees bullpen since he was acquired during the 2021 season. In 2023, the lefty posted a 2.83 ERA with 51 strikeouts and 30 walks in 54 innings pitched (63 appearances). His peripherals were a bit skeptical that he could sustain that level of run suppression, though. His xERA (4.70), FIP (5.05), and xFIP (4.50) were all more in line with a fringey middle reliever than a top-flight setup arm.

An eight-year MLB veteran, Peralta began his professional career with the Cincinnati Reds back in 2010 as a teenager. He progressed through the lower minor leagues as a starting pitching prospect before shifting to a full-time bullpen role when he reached Double-A. He made his big-league debut with the Reds in September of 2016, and emerged as a staple of Cincinnati's pen during his first full-season in 2017.

Despite a solid 2017 campaign, Peralta struggled with inconsistency with the Reds, posting a 5.00 ERA across parts of four MLB seasons. Lacking confidence in his ability to right the ship, the Reds designated Peralta for assignment and he was claimed off waivers by the Giants.

In San Francisco late in the 2019 season, Peralta immediately showed promise. He posted a 3.70 ERA (4.16 FIP) in 43 appearances during 2019, the pandemic-shortened 2020 season, and early in 2021. However, with the Giants in the midst of a competitive division race, and in need of outfield depth, they traded Peralta to the Yankees for outfielder Mike Tauchman.

Peralta was an excellent contributor in New York. He never recorded an ERA worse than 2.95 in any of his three seasons. He also was durable, racking up more than 50 innings as well. Over his Yankees tenure, Peralta recorded a 2.82 ERA (4.06 FIP) with 133 strikeouts and 65 walks in 153 innings pitched.

The Padres have been trying to cheaply rebuild their pitching staff this offseason as they try to slash payroll. Wandy Peralta's willingness to agree to a deal with a relatively minimal average annual value likely made it easier for them to come to an agreement with the former SF Giants southpaw.