The Padres made a subtle but intriguing move when president of baseball operations and general manager A.J. Preller announced the signing of reliever to a major-league deal. At first glance, it looks like a standard depth addition to an already loaded bullpen. But given the Padres’ financial circumstances and roster gaps, the move could hint at something larger.
San Diego’s payroll has been a major talking point for two straight winters. While the organization rarely discloses firm budget numbers, an October report from Cheri Bell of Gaslamp Ball projected the 2026 payroll to fall somewhere between $194 million and $201 million—right up against luxury-tax territory. The club appears reluctant to push that figure much higher.
Those constraints complicate what is already a long offseason to-do list. The Padres currently lack a clear starting first baseman, have three rotation spots to fill due to departures and injuries, and still need to flesh out their bench. With top-tier pitching like Dylan Cease securing massive contracts—Cease just signed for $210 million with Toronto—it’s obvious that addressing even one of those needs can get expensive quickly.
Under those conditions, Preller will likely have to rely on bargain signings and, more importantly, trades. But years of aggressive, win-now dealing have thinned the farm system, leaving few near-MLB-ready prospects to use as trade chips. The system isn’t empty, but it’s nowhere near as stocked as it once was.
That reality brings the Adcock signing into sharper focus. On paper, the Padres already project to have one of the best bullpens in baseball entering 2026. Mason Miller and Adrián Morejón have both been floated as potential rotation converts, though neither their openness nor the team’s seriousness about the switch is clear. Meanwhile, Jason Adam is recovering from a ruptured quadriceps tendon, Jeremiah Estrada showed promise but struggled with home runs and against the Dodgers, Wandy Peralta had a dependable year, and Yuki Matsui battled inconsistency. David Morgan impressed, Bradgley Rodriguez has closer-level upside, and the team still has arms such as Kyle Hart, Jhony Brito, Bryan Hoeing, Alek Jacob, and Ron Marinaccio in the mix.
With that many bullpen options, Adcock’s signing could mean one of several things:
• The Padres may simply be reinforcing a strength, following the age-old mantra that a team can never have too much pitching.
• Miller, Morejón, or both could be preparing to shift into the rotation to cover the team’s vacancies.
• Or this could be a prelude to trades—stockpiling relief arms now so that bullpen pitchers can be moved later to address other roster holes without taking on significant salary.
Whatever the true intention, the upcoming MLB Winter Meetings should shed light on Preller’s broader plan. For a fanbase eager for clarity, next week may finally reveal the direction San Diego intends to take as it builds toward 2026.