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Freddy Peralta’s projected contract gives Padres another reason to re-sign Michael King

Check the price before checking out.
ByTremayne Person
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Oct 26, 2026; St. Petersburg, Florida, USA; Tampa Bay Rays pitcher Freddy Peralta (51) reacts while walking to the dugout during the third inning in game three of the 2026 World Series against the Milwaukee Brewers at Tropicana Field. Mandatory Credit: Kim Klement Neitzel-Imagn Images
Oct 26, 2026; St. Petersburg, Florida, USA; Tampa Bay Rays pitcher Freddy Peralta (51) reacts while walking to the dugout during the third inning in game three of the 2026 World Series against the Milwaukee Brewers at Tropicana Field. Mandatory Credit: Kim Klement Neitzel-Imagn Images | IMAGN IMAGES via Reuters Connect

The Padres can let Michael King walk if they want. Finding a worthwhile replacement at a more comfortable price may not be in the cards. Freddy Peralta’s projected contract puts a serious number on the problem. In his free-agent forecast for The Athletic, Jim Bowden predicts a five-year, $140 million deal for Peralta. His projection for King is four years and $118 million.

So, we have Peralta at $28 million per season and King at $29.5 million. The annual savings? $1.5 million. The full commitment grows by another season and $22 million.

We can probably retire the idea that shopping elsewhere automatically makes this easier on the Padres. And to be fair, these are just projections. Negotiations could move either number. But as a starting point for San Diego’s offseason decisions, the comparison makes a pretty simple case: ownership should be prepared to pay King before assuming someone else offers a better bargain.

The Padres would be paying for uncertainty either way

Peralta has a real selling point. Bowden pointed out that he’s one of only two starters to make at least 30 starts in each of the past four seasons. That kind of availability deserves a premium. But if you’ve seen Peralta pitch lately, his availability comes with a bit of turbulence.

Peralta posted a 4.99 ERA across 22 starts with the Mets before a deadline trade to Tampa Bay. He followed that with a 3.25 ERA in 10 regular-season starts for the Rays, then won ALCS MVP honors.

That finish will look terrific in a free-agent presentation. The first 22 starts shouldn’t be ignored either. Any team considering a major commitment has to decide how much confidence to place in the adjustments Peralta made in Tampa Bay. San Diego would have plenty of homework to do before writing that check.

With King, the Padres already have firsthand knowledge of his preparation, his work with their coaches and how he handles pitching for this club. Familiarity cannot protect anyone from an injury or decline. But the Padres already have the information they need on King. It would be a bigger risk to go get another name in the same price range.

Keeping Michael King should be an ownership priority

Bowden lists the Padres among Peralta’s best fits. We should treat that as his assessment, rather than evidence of a pursuit. Still, the Padres were linked to Peralta before he was traded to the Mets.

If the Padres lose King, they inherit the job of replacing his place in the rotation. A premium free agent could require a substantial guarantee. A trade could cost players the organization would prefer to keep. A cheaper signing could leave more of the burden on everyone else.

The Padres should negotiate hard with King and establish a limit they can defend. Peralta’s projection gives ownership a reality check. Comparable pitching can carry a bigger total commitment, even when the annual salary looks slightly friendlier.

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