This story was excerpted from Keegan Matheson’s Blue Jays Beat newsletter. To read the full newsletter, click here. And subscribe to get it regularly in your inbox.

TORONTO -- Rebuilding a bullpen takes brains, timing and a little luck.

There’s no other position like it. Jump back through the years to read the Blue Jays’ player stats from any season and you’ll find a half-dozen relievers you’ve forgotten entirely. Such is life in the bullpen, but every once in a while, you catch lightning in a bottle.

Toronto needs to do more than that, though. The waiver-wire churn and low-level signings that feel smart aren’t enough now. This organization needs to be bolder in the relief market, and while free agency offers options at every level, the Blue Jays are widely expected to pursue this market via trade, as well, where their excess depth -- particularly on the infield -- could be of use.

A bullpen rebuild doesn’t compare to signing Juan Soto. These won’t be the moves that sell season tickets, but unless the Blue Jays get this right, it could undermine any other acquisitions they make.

Where it all went wrong

It was bad. Everything that could go wrong for the 2024 bullpen … did.

Closer Jordan Romano dealt with right elbow issues, posted a 6.59 ERA over 15 appearances and ended his season early due to arthroscopic surgery. Tim Mayza, long the reliable lefty of the group, was designated for assignment on June 29 with an 8.03 ERA. Erik Swanson struggled and was optioned to Triple-A Buffalo on May 28 before his late-season turnaround. Yimi García was traded.

2024 bullpen ranks

ERA: 4.82 (29th)
HR allowed: 92 (most in MLB)
K/9: 7.99 (29th)
BB/9: 3.63 (22nd)

The harsh lesson from the 2024 season was that the Blue Jays simply weren’t prepared for that many things to go wrong. The farm system hasn’t produced enough near-MLB arms in recent years and it feels like Toronto is still lagging behind many other systems in its ability to produce the odd fireballer out of the ‘pen. That needs to happen -- and there are some arms on the way -- but the urgency of ‘25 leaves little room for patience.

Who’s left? And for how long?

Romano is projected by Cot’s Contracts to earn $7.75 million next season. If the Blue Jays believe Romano’s right elbow will stay healthy, there should be zero discussion here beyond tendering him a contract and bringing him back. If the organization has any reason to worry -- and the club knows more about that elbow than any of us -- the conversation would get trickier.

Swanson, in particular, is part of the solution here. Projected to earn $2.925 million next year, Swanson’s late-season surge makes it an easy decision for the Blue Jays to pick up. After returning from Triple-A on July 19, Swanson posted a 2.55 ERA with 27 strikeouts over 24 2/3 innings. Chad Green is back for his final year, too, and Brendon Little has a big opening to earn a more permanent job. This front office really likes Little.

At minimum, Toronto needs to add three legitimate MLB relievers. That’s on top of all the annual depth and upside swings the club takes on relievers … and on top of the many existing options on the fringes of its 40-man roster.

What will it look like?

Ross Atkins recently said that if you’re going to shop at the top of the relief market, you need to have a very clear reason for doing so. Well, the Blue Jays do.

Toronto's closer role will remain uncertain until we see Romano perform like his old self again. Could the Blue Jays take a big run at Tanner Scott, Carlos Estévez or Clay Holmes? Toronto needs its budget for other areas, so multiple dips into the mid-range relief market could prove difficult as those prices inflate.

The Blue Jays need a difference-maker. This approach should begin with one aggressive splash, then the club can do everything in its (remaining) power to fill the group out.

This front office has done well in the past with low-end MLB deals, particularly with veterans to get one more year out of them. Those can work beautifully, but they need to be complementary pieces. With one “star” acquisition in the bullpen, whether that be from free agency or trade, the organization can get far more creative with how it handles the rest of this rebuild.