Pagan has an $8 million option for the 2025 season that he's expected to exercise this offseason, Gordon Wittenmyer of The Cincinnati Enquirer reports.

Pagan missed three months of the season with a lat injury, but returned to action Aug. 10 and finished the campaign healthy. He wasn't as effective as usual over his 38 innings in 2024 (4.50 ERA, 1.34 WHIP), and given that he would be unlikely to receive a contract exceeding $8 million on the open market, it makes sense for him to run it back with Cincinnati for another season.

Stratton (forearm) exercised his $4.5 million player option for the 2025 season Thursday, Mark Feinsand of MLB.com reports.

Stratton threw 58.1 innings out of the bullpen for the Royals in 2024, occasionally working in high-leverage situations. He posted a 5.55 ERA and 1.47 WHIP to go along with four saves and five holds. Stratton's season ended in mid-September due to forearm injury, though he is expected to be ready for the start of spring training.

Renfroe exercised his $7.6 million player option for the 2025 season Thursday, Mark Feinsand of MLB.com reports.

The veteran outfielder began the season as the starting right fielder for the Royals, though his role shrunk after the acquisitions of Tommy Pham and Robbie Grossman. Renfroe's primary shortcoming was a lack of power, as he posted a career-low .163 ISO across 424 plate appearances. Pham is entering free agency, which could give Renfroe a shot to start again entering 2025.

Montgomery exercised his $22.5 million player option for the 2025 season Thursday, Mark Feinsand of MLB.com reports.

Montgomery signed a deal with the Diamondbacks in March and didn't make his first start until April 19. He never seemed to get on track, however, posting a 6.23 ERA and 1.65 WHIP with just an 83:44 K:BB across 117 innings. Given his struggles, it's little surprise Montgomery exercised his option, and he'll look to rebuild his value in 2025 before heading into free agency.

The Royals declined Frazier's (thumb) mutual option for 2025 on Thursday, Mark Feinsand of MLB.com reports.

Frazier saw only 294 plate appearances in 2024 -- his only campaign with the Royals -- his fewest in a full season since 2016. He also performed poorly by maintaining a .576 OPS with four home runs and three stolen bases. Frazier may be able to find a major-league deal due to his defensive versatility, though his days as a regular starter are likely in the rearview mirror.

The Twins declined Farmer's mutual option for 2025 on Thursday, Mark Feinsand of MLB.com reports.

Farmer spent two years with the Twins and was in a reserve role for most of 2024. He managed only 242 appearances across 107 games while recording a .646 OPS. Farmer's defensive versatility could lead to him receiving a big-league deal this offseason, but he's unlikely to be a regular in most lineups.

The Brewers declined Miley's (elbow) $12 million mutual option for 2025 on Thursday, Curt Hogg of the Milwaukee Journal Sentinel reports.

Miley only pitched in two games for the Brewers before suffering an elbow injury in April that required him to undergo season-ending surgery. The procedure he received was designed to allow for a quicker recovery compared to a typical Tommy John surgery, though he likely won't be able to pitch until a month or two into the 2025 campaign, at least. Due to turn 38 years old in November, it's unclear if Miley will pursue another contract in free agency or opt for retirement.

Alvarez cleared waivers Thursday and was sent outright to Triple-A Las Vegas.

The 30-year-old Alvarez posted a .967 OPS in Triple-A across 317 plate appearances in 2024 and reached the majors for the first time, going 9-for-37 with two RBI over 16 games. However, he no longer owns a spot on the Athletics' 40-man roster and will remain in Las Vegas as organizational depth.

Adams (forearm) cleared waivers Thursday and was sent outright to Triple-A Las Vegas.

Adams turned in a 3.92 ERA and 1.48 WHIP across 41.1 innings in 2024, but forearm tendinitis kept him out of action since mid-August. It's unclear if the 33-year-old will be ready for the start of spring training, but he'll now have to re-earn a spot on the 40-man roster once healthy.

The Pirates claimed Gray off waivers from the Athletics on Thursday.

Gray appeared in 15 MLB games last season between the Marlins and A's, during which he went 3-for-28 with 16 strikeouts. He fared much better in Triple-A, where he slashed .248/.317/.462 across 470 plate appearances. He'll claim a spot on the 40-man roster as he joins the Pirates organization, though he'll most likely begin the season with Triple-A Indianapolis.