CINCINNATI — San Francisco Giants pitcher Tyler Mahle is set to make his 55th career start at Great American Ball Park on Wednesday evening. This appearance, however, marks his inaugural one not in the uniform of the Cincinnati Reds.
Mahle, now 31, joined the Giants in January on a one-year, $10 million contract. This makes San Francisco his third club since the Reds dealt him to the Minnesota Twins in 2022.
The Reds received Spencer Steer, Christian Encarnacion-Strand, and Steve Hajjar in the trade for Mahle. While only Steer remains with the Reds organization, the broader impact of the team’s strategic rebuild, initiated from late 2021 through the 2022 trade deadline, is now visibly shaping the current Reds roster.
Evidence of this rebuild’s success was on display during Tuesday’s 2-1 victory over the Giants, where both of Cincinnati’s runs came from players acquired through these transactions. Steer launched a solo home run in the third inning against Giants starter Robbie Ray, followed by Sal Stewart’s solo shot in the subsequent inning. Stewart, 22, was drafted by the Reds as the 32nd overall pick, a compensatory selection obtained after outfielder Nick Castellanos opted out of his contract following the 2021 season.
The win on Tuesday concluded dramatically with Will Benson, a defensive substitute acquired in a trade for Hajjar prior to the 2023 season, making a game-saving catch on a deep drive by San Francisco’s Daniel Susac.
The Mahle trade was one among a series of significant roster adjustments. This period of change commenced with the November 2021 trade of two-time Gold Glove-winning catcher Tucker Barnhart and culminated near the 2022 trade deadline with five deals that saw Mahle and five other players depart in exchange for 11 new additions.
In retrospect, the effectiveness of these deals varied, and only one — the exchange of Tommy Pham for Nicholas Northcut — can be definitively assessed as a neutral outcome.
These transactions, even looking back, underscore the extensive consequences a single roster move can trigger, particularly during what was one of the most turbulent offseasons in recent memory, brought about by the lockout spanning December 2, 2021, to March 10, 2022.
Following a record $165 million investment before the 2020 season, the Reds ended a six-year playoff drought. However, the 2021 season proved disappointing, with the Reds finishing 83-79, seven games behind the St. Louis Cardinals for the final National League playoff spot. Despite having the sixth-best record in the NL that year, it was the last season before the playoff format expanded to include six teams per league.
On both sides of the ensuing offseason lockout, the Reds signaled their intent to forgo competing for a playoff spot in 2022, instead prioritizing a long-term vision.
Nick Castellanos, upon opting out and subsequently signing a five-year, $100 million deal with the Philadelphia Phillies, openly criticized the Reds’ ownership for their lack of spending. While his arguments may have held merit, the Reds ultimately reaped benefits from their decision not to pursue Castellanos, who was released by the Phillies this spring with a year remaining on his contract. This strategic choice eventually led to the acquisition of Stewart, who has emerged as an early favorite for National League Rookie of the Year this season.
Spring training that year was marked by several blockbuster trades, including those involving three All-Stars: Jesse Winker, Eugenio Suárez, and Sonny Gray.
Winker has struggled to replicate his Cincinnati success since leaving. Suárez revitalized his career with the Seattle Mariners and Arizona Diamondbacks, only to return to Cincinnati this offseason. Gray earned an All-Star nod with the Twins before signing a free-agent deal with the St. Louis Cardinals, then was traded to Boston this offseason. The Reds notably defeated him in their second game of the current season.
From the Mariners, the Reds acquired four players in exchange for Suárez and Winker. Two of these, outfielder Jake Fraley and pitcher Justin Dunn, are no longer with the organization, while lefty starter Brandon Williamson and reliever Connor Phillips remain integral parts of the current team.
Gray, along with a minor-league pitcher, was sent to Minnesota in exchange for Chase Petty, a former first-round pick who debuted in the big leagues last year and, at 23, is still considered one of the team’s top prospects.
Even during the lockout, a period when major-league free agent signings were halted, the front office executed moves that proved beneficial in the long run. On February 1, the Reds signed right-hander Fernando Cruz, a former Kansas City Royals shortstop draft pick who hadn’t played affiliated baseball since 2015. Cruz, who achieved a 1.4 bWAR over three seasons with the Reds, was later traded to the New York Yankees for Platinum Glove-winning catcher Jose Trevino following the 2024 season.
The Reds’ initial trade in July preceding the 2022 deadline, initially appearing minor, turned out to be a shrewd acquisition. Outfielder Tyler Naquin and lefty Phillip Diehl were sent to the New York Mets for two Class A minor leaguers: second baseman Hectór Rodríguez and right-hander José Acuña. Rodríguez has since transitioned to the outfield and is recognized as one of the team’s promising prospects. Acuña, despite missing a season due to injury, boasts a 1-0 record with a 2.70 ERA in two starts at Double-A Chattanooga.
The most significant transaction occurred on July 30, just days before the August 2 deadline, when the Reds traded right-hander Luis Castillo, then the top pitcher on the market, to Seattle for shortstops Noelvi Marte and Edwin Arroyo, along with right-hander Levi Stoudt and lefty Andrew Moore.
Though highly praised at the time—even after Castillo signed an extension and made the 2023 All-Star team—the ultimate success of the return remains uncertain. Marte has experienced inconsistencies since his 2023 debut, including an 80-game suspension for violating the league’s drug-testing policy before the 2024 season. He began this season on the Opening Day roster but was demoted to Triple-A after Sunday’s game. Arroyo missed the entirety of the 2024 season recovering from shoulder surgery and is currently in Louisville.
Stoudt pitched for the Reds in 2023 but has not appeared in the majors since. Moore is now part of the San Diego Padres’ farm system.
Flanking the Mahle trade were deals involving Pham and Brandon Drury, both yielding minor leaguers. Pham went to Boston in exchange for Northcut, a Cincinnati native who is no longer in affiliated baseball. Drury brought in Victor Acosta, a highly-rated international signee who received a $1.8 million bonus from the Padres but has not advanced beyond High-A in the Reds’ system.
For Mahle, who spent most of July that year on the injured list, the Reds ultimately received Steer, Encarnacion-Strand, and indirectly, Benson.
Since his 2022 debut, Steer has accumulated 4.3 bWAR with the Reds. Encarnacion-Strand hit 13 home runs in 63 games in 2023, but injury struggles led to his designation for assignment last week and subsequent trade to the Baltimore Orioles on Monday. Hajjar never reached the major leagues and has since retired.
The Reds concluded the 2022 season with a 21-39 record over the final two months. Despite being one of four teams with 100 or more losses, that year marked the introduction of the draft lottery. Instead of securing the fourth overall pick, the Reds dropped to seventh. They were tied with the Pittsburgh Pirates, who won the lottery and selected Paul Skenes, an eventual Cy Young winner. The Reds’ seventh pick landed right-hander Rhett Lowder, who coincidentally is scheduled to start against Mahle on Wednesday.