Former Cincinnati Reds closer Alexis Díaz has been traded to the Los Angeles Dodgers in exchange for little more than a player to be named later — a clear indicator of how far his value has fallen. Once an All-Star, Díaz’s struggles in both the majors and minors this season left Cincinnati with minimal leverage, ultimately netting just Mike Villani, a former 13th-round draft pick, in return.
While many Reds fans are frustrated by the underwhelming trade return, the reality is that the team was fortunate to get anything at all. Díaz hasn’t been the same since his All-Star appearance in 2023. Despite clear signs of decline, Cincinnati held onto him, only to see his performance continue to unravel.
Díaz was a breakout star in 2022, making the team out of spring training alongside Daniel Duarte. While Duarte’s rookie year was derailed by injuries, Díaz flourished and eventually overtook Hunter Strickland as the Reds’ closer. But now, his sharp fall from grace has left the Reds with little more than a cautionary tale — and a longshot prospect in Villani.
The Reds sold low on Alexis Díaz and paid a steep price
From April 8, 2022, when Alexis Díaz made his MLB debut, through the 2023 All-Star break, the right-hander was one of the league’s most dominant relievers. Over 103 ⅔ innings, Díaz struck out 144 batters, walked 52, and posted a dazzling 1.91 ERA. While his 12.4% walk rate was on the high side, his overpowering 34.4% strikeout rate and mid-90s velocity made him an elite bullpen weapon. He converted 36 of 41 save chances (87.8%), and his fastball regularly clocked in over 95 mph.
But following the 2023 All-Star Game, Díaz’s performance took a nosedive. In 96 games since, his ERA swelled to 4.72, with his strikeout rate plummeting to 20.9% and his walk rate rising to 13.3%. Though he still converted 39 of 45 save opportunities (86.7%), the underlying metrics were troubling. Most notably, his fastball velocity dropped from an average of 95.5 mph to 93.9 mph, and with that came a decline in command and effectiveness.
Trade rumors swirled around Díaz in 2022 and 2023, with the New York Mets often mentioned due to the connection with his brother, Edwin Díaz. At that time, the Reds may have been in position to acquire a young, promising bat like Brett Baty or Mark Vientos, but they held firm.
Now, after a prolonged decline and a dramatic drop in trade value, the Reds have parted ways with Díaz for Mike Villani, a former 13th-round draft pick. While it’s not an inspiring return, there’s a sliver of hope — after all, Díaz himself was once an unheralded prospect. Perhaps Villani can surprise and develop into a contributor. But if not, the Reds’ front office may long regret not capitalizing on Díaz’s peak value when they had the chance.
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