Right-hander Nick Martinez and the Cincinnati Reds agreed on a two-year, $26 million contract that includes an opt-out after the first season, sources told ESPN, capping a busy Wednesday in which the Reds bulked up their pitching staff in hopes of winning the National League Central next season.

The 33-year-old Martinez had opted out of the final two years of his contract with San Diego that would have paid him $16 million after the Padres declined their two-year, $32 million club option on Martinez. He comes off a season in which he pitched 54 games out of the bullpen but thrived over nine starts, posting a 2.32 ERA in 42⅔ innings.

Martinez's deal, which is pending a physical, will pay him $14 million in 2024, sources said, at which point he can head back to free agency. If he opts into the contract, Martinez would be paid $12 million in 2025.

Earlier Wednesday, Cincinnati agreed with Emilio Pagan on a one-year, $8 million contract that includes an $8 million player option for 2025, adding the hard-throwing right-hander to an improving bullpen that includes closer Alexis Diaz, right-handers Lucas Sims and Ian Gibaut, and left-hander Sam Moll, all of whom posted ERAs in the low 3s this year.

Fortifying their pitching staff was a top priority for the Reds, who were surprising contenders in the NL and at 82-80 finished just shy of a wild card berth. Cincinnati boasts a young core of infielders Elly De La Cruz, Matt McLain, Noelvi Marte and Christian Encarnacion-Strand -- all of whom were 23 or younger this season -- along with utilityman Spencer Steer (25), rightfielder Will Benson (25), second baseman Jonathan India (26), catcher Tyler Stephenson (27) and centerfielder TJ Friedl (28).

Martinez is expected to join a rotation that could include any of five 25-and-under pitchers: Right-handers Hunter Greene and Graham Ashcraft, and left-handers Nick Lodolo, Andrew Abbott and Brandon Williamson.

After four years of middling success with the Texas Rangers, Martinez spent four seasons in Japan, thriving in 2021 with a 1.60 ERA in 140⅔ innings. He returned stateside with more fastball velocity and an elite Vulcan-grip changeup he learned while in Japan. Martinez signed with the Padres, opting out of his deal after one season but re-signing for three years and $26 million, with the dual options following the first season, last November.

In the two seasons since his return to Major League Baseball, Martinez is 10-8 with a 3.45 ERA and 201 strikeouts against 81 walks in 216⅔ innings.