The Diamondbacks exercised Kelly's $7 million club option for 2025 on Saturday, Jon Heyman of the New York Post reports.

After missing a four-month chunk of the season due to a shoulder injury, Kelly finished 2024 with a 4.03 ERA and 1.17 WHIP across 73.2 innings over 13 starts. Hopeful for a bounce-back campaign in 2025, the D-backs will keep the 36-year-old righty around to bolster a pitching staff that ranked 27th in the majors with a 4.62 ERA.

The Cubs declined Smyly's $10 million mutual option for 2025 on Saturday, Jon Heyman of the New York Post reports.

Smyly moved to the bullpen full-time in 2024 and logged a 3.84 ERA and 1.40 WHIP over 58.2 innings. While those are both improvements from his 2023 statline (5.00 ERA, 1.43 WHIP), the Cubs will elect to pay the southpaw's $2.5 million buyout rather than keep him on the squad for his age-36 season.

Peralta exercised his $4.25 million player option for 2025 on Saturday, Jeff Sanders of The San Diego Union-Tribune reports.

Peralta turned in a 3.99 ERA and 1.20 WHIP across 38.1 frames in 2024, and he'll now receive a $900,000 raise by accepting the first of three player options on his deal with the Padres. He will presumably continue to be used in high-leverage situations.

Kim (shoulder) declined his $8 million mutual option for 2025 on Saturday and entered free agency, Jeff Sanders of The San Diego Union-Tribune reports.

Kim's decision to enter free agency was an expected one after he changed agents to be represented by the Boras Corporation in early October. The 29-year-old infielder slashed just .233/.330/.370 with 47 RBI across 470 plate appearances this season and is expected to miss the first month of the 2025 campaign after undergoing shoulder surgery Oct. 11, though he should still be a safe bet to attract a salary larger than the $8 million he passed on.

Bellinger exercised his $27.5 million player option for 2025 on Saturday, Kiley McDaniel of ESPN.com reports.

Bellinger was unlikely to receive an offer close to $27.5 million in the open market after posting a .751 OPS alongside 78 RBI across 569 plate appearances in 2024, so it's unsurprising to see him decide to stick around in Chicago. The 29-year-old figures to remain in an everyday role in the Cubs' outfield next season.

Cole opted out of his contract with the Yankees on Saturday, Kiley McDaniel of ESPN.com reports.

The Yankees have the opportunity to void Cole's opt-out decision by adding an extra year and $36 million to his contract, which would cause him to be owed $180 million through 2029. The 34-year-old posted a 3.41 ERA and 1.13 WHIP across 95 innings this season after missing the first couple of months due to an elbow injury, so there is no guarantee that New York will want to keep him around for such a hefty price.

Manaea is expected to decline his $13.5 million player option for 2025, Anthony DiComo of MLB.com reports.

Manaea posted a 3.47 ERA and 1.08 WHIP across 181.2 innings in 2024 -- all of which represent career-best marks for a full season. The 32-year-old southpaw will now look to capitalize on his strong campaign and likely pursue a multi-year deal in free agency.

The Orioles declined Jimenez's $16.5 million club option for 2025 on Saturday, Andy Kostka of TheBaltimoreBanner.com reports.

2024 marked Jimenez's worst season at the plate in his six-year career, as he slashed just .238/.289/.336 over 324 plate appearances between the White Sox and Orioles. Because of his poor performance, it makes sense that Baltimore would rather pay the 27-year-old's $3 million buyout than give him $16.5 million to join the team's already-crowded lineup.

The Yankees declined Rizzo's $17 million club option for 2025 on Saturday.

Rizzo slashed just .228/.301/.335 with 35 RBI across 375 plate appearances in 2024 -- his worst season at the plate since his rookie year with the Padres in 2011. Despite his significant drop in production, the 35-year-old first baseman should still be able to attract some attention in the open market, though he likely won't receive anything close to the $17 million average annual salary he'd been getting from New York.

Wynns (shoulder) declined his outright assignment to Triple-A Louisville on Saturday and elected free agency.

Wynns spent the majority of last season in Triple-A, where he slashed .250/.309/.410 across 110 plate appearances. However, a teres major tear in his right shoulder cut his season short toward the end of July. It's unknown if he'll be ready for the start of spring training, but the 33-year-old backstop should be able to at least net a minor-league deal in free agency.