Since the qualifying-offer system was implemented in 2012, 144 players -- including 13 this year -- have received one. But just 14 have accepted it. Nick Martinez became the latest to do so, deciding to return to the Reds for 2025 (per a source).

Here is a look at the players who have accepted a qualifying offer and how the past decisions have worked out for both sides.

• Tracking the qualifying offer decisions

Nick Martinez, SP/RP, Reds, 2024
Accepted $21.05 million qualifying offer for '25

Background: Martinez became a free agent after declining his player option with the Padres at the end of the 2023 season, then signed a two-year, $26 million deal with the Reds that gave him the ability to opt out after the first year. The 34-year-old was a valuable swingman for Cincinnati in 2024, posting a 3.10 ERA over 142 1/3 innings spanning 42 appearances, including 16 starts. He was especially impressive after joining the Reds' rotation on a full-time basis in August, notching a 2.42 ERA over 11 starts to end the campaign. Martinez exercised his opt-out clause at the end of the season to become a free agent once again, but he ended up back with the Reds after accepting their one-year, $21.05 million qualifying offer for 2025.

Joc Pederson, OF, Giants, 2022
Accepted $19.65 million qualifying offer for '23

Background: Before the 2022 season, Pederson signed a one-year deal with the Giants for a mere $6 million after a '21 campaign split between the Cubs and Braves. While Pederson became a postseason hero in Atlanta, he had not enjoyed an especially strong regular season. In San Francisco, though, Pederson nabbed his second All-Star selection. The local kid out of Palo Alto, Calif., hit .274/.353/.521 with 23 home runs to set himself up for a more lucrative trip to free agency. Instead, the Giants offered the QO and ultimately retained Pederson at more than three times his 2022 salary.

Result: The sequel was not quite so successful. Pederson served a couple of stints on the injured list with hand and wrist issues, and his OPS dropped 110 points, to .764. After a strong start to the season, Pederson posted a sub-.700 OPS over the final three months of the season, while the Giants went 30-42 after the All-Star break to fall out of the playoff race.

Martín Pérez, SP, Rangers, 2022
Accepted $19.65 million qualifying offer for '23

Background: Entering 2022, Pérez had a career record of 63-69 with a 4.71 ERA in more than 1,100 innings over 10 seasons (including his original stint with Texas from 2012-18). That included a 4.74 ERA for Boston in 2021. Pérez returned to the Rangers on a one-year, $4 million deal for '22 and proceeded to author a superb breakout campaign at age 31. The lefty went 12-8 with a 2.89 ERA in 196 1/3 innings and made his first All-Star team, prompting Texas to extend him the QO.

Result: Well, the Rangers won the first World Series in franchise history in 2023, and Pérez contributed to that squad. In that sense, it worked out. With that said, Pérez's 4.45 ERA was a return to his career norms, and he lost his rotation spot down the stretch, making just three relief appearances during the playoffs.

Brandon Belt, 1B, Giants, 2021
Accepted $18.4 million qualifying offer for '22

Background: Though his 2021 season was shortened by a broken thumb and he missed San Francisco's postseason run, Belt had a career year for the 107-win Giants. The 33-year-old hit a career-high 29 home runs -- 11 more than he had in any other season of his career -- while posting a .975 OPS. Belt had been a Giant for his entire career, having been drafted in the fifth round by San Francisco in 2009, and had won two World Series titles with the club.

Result: This didn't work out for either side. Knee problems helped limit Belt to 78 games, including none after Aug. 20. He also struggled when he was in the lineup, batting .213/.326/.350 with eight home runs, and San Francisco was unable to replicate its 2021 success while finishing outside the playoff picture.

Kevin Gausman, SP, Giants, 2020
Accepted $18.9 million qualifying offer for ‘21

Background: Gausman had long shown potential as a former No. 4 overall Draft pick, and his abbreviated 2020 season in San Francisco looked to be a sign that he was finally reaching it. After signing a one-year deal in the previous offseason, the right-hander posted a 3.62 ERA across 12 games (10 starts) while his strikeout rate jumped to 32.2% -- by far a career high -- on the strength of his increasing splitter usage. That was enough for the Giants to extend Gausman the QO and continue a relationship that was beneficial for both in 2020.

Result: This was a big win for everyone. Gausman backed up his 2020 breakout by going 14-6 with a 2.81 ERA and 227 strikeouts over 33 starts, nabbing his first All-Star selection and putting himself in the Cy Young Award conversation. That set him up to land a five-year, $110 million deal from the Blue Jays. Meanwhile, the Giants were the surprise team of the year, winning 107 games to edge the Dodgers for the NL West title.

Marcus Stroman, SP, Mets, 2020
Accepted $18.9 million qualifying offer for ‘21

Background: Stroman’s case as a free agent was complicated by the fact that he did not pitch at all during the shortened 2020 season, tearing his left calf muscle before the delayed Opening Day and eventually opting out due to COVID-19 concerns. That made the qualifying offer more appealing for a 29-year-old righty with a solid 3.76 ERA through his first 140 career starts. The Mets had acquired Stroman from the Blue Jays before the 2019 Trade Deadline, and he posted a 3.77 ERA in 11 starts down the stretch. With New York short on rotation depth behind ace Jacob deGrom, a reunion for 2021 made sense for both sides.

Result: While deGrom got hurt midway through the season and the Mets dealt with other pitching injuries, Stroman was the anchor of the staff in 2021. He tossed 179 innings over 33 starts and was effective, posting a 3.02 ERA. That full, healthy season set up Stroman to return to free agency in much better position, leading to a two-year, $50 million deal with the Cubs.

José Abreu, 1B, White Sox, 2019
Accepted $17.8 million qualifying offer for '20

Background: Abreu was a consistent rock for the right side of the White Sox infield, and he was an All-Star for the third time in 2019, hitting .284 with 33 home runs and an AL-leading 123 RBIs. Despite those big numbers, Abreu might have struggled in the free-agent market because he was entering his age-33 season, was rated as a poor defender and was a righty-righty first baseman. Abreu stated repeatedly how much he enjoyed playing in Chicago, and he initially committed to the White Sox for one more season. The two sides extended that relationship further on Nov. 22, when they replaced the qualifying offer with a three-year, $50 million contract that runs through '22.

Result: All Abreu did was lead the AL in hits, RBIs, slugging and total bases during the abbreviated 2020 season, more than enough to make him a finalist for the league's MVP award. He also served as a leader for an exciting White Sox club that made its first postseason appearance in 12 years.

Jake Odorizzi, P, Twins, 2019
Accepted $17.8 million qualifying offer for '20

Background: Odorizzi has been a consistent pitcher throughout his career, and he was arguably the Twins' most consistent starter in 2019 as he pitched to a 3.51 ERA -- his lowest mark since '15 -- and a 3.36 FIP, the best of his career. His 27.1 percent strikeout rate was also a career high. In the past, it might have been an easier decision for Odorizzi to reject the qualifying offer and test the market for a multiyear contract after posting such numbers. But Odorizzi's 4.3 WAR in 2019, per FanGraphs, would have been the fifth highest among available free-agent starters behind splashy names like Gerrit Cole, Stephen Strasburg, Hyun-Jin Ryu and Zack Wheeler.

Result: Odorizzi looked to set himself up for a better multiyear contract with a strong performance in 2020, but unfortunately a series of injuries, including a line drive to the chest and a lingering blister, limited him to just four starts in which he did not pitch well (6.59 ERA). He still landed a two-year deal from the Astros that guaranteed him at least $20.25 million.

Hyun-Jin Ryu, P, Dodgers, 2018
Accepted $17.9 million qualifying offer for '19

Background: This was a situation where a high-value, one-year deal made perfect sense for both sides. Ever since joining the Dodgers from South Korea in 2013, Ryu had been highly effective -- when he was able to take the mound. His career ERA in the Majors was 3.20 through 2018, but that was in fewer than 100 starts and 600 innings spread over six seasons. Various injuries had gotten in the way, including shoulder surgery and elbow tendinitis that cost him all but one game from 2015-16, and a severe groin strain that limited him to 15 starts in '18. Ryu’s health record would have scared many teams, but the Dodgers had the depth to withstand some missed time.

Result: It could not have worked out much better. Ryu had two brief stints on the injured list but still made 29 starts and pitched 182 2/3 innings, both his most since his rookie year in 2013. The lefty earned a start in his first All-Star Game, led the Majors with a 2.32 ERA, and put himself into NL Cy Young Award contention. That helped him score a four-year, $80 million contract from the Blue Jays.

Jeremy Hellickson, P, Phillies, 2016
Accepted $17.2 million qualifying offer for '17

Background: The 2011 American League Rookie of the Year with the Rays had seen his numbers slip since then, including a 4.62 ERA with the 2015 D-backs after a trade from Tampa Bay. Hellickson was traded again after the '15 season, this time to Philadelphia, and resurrected his value by posting a 3.71 ERA over 32 starts and 189 innings. That made him arguably the Phillies’ top pitcher. According to Hellickson, other teams’ reticence to part with a Draft pick influenced his decision to accept.

Result: The reunion wasn’t quite as sweet. Hellickson started fast in 2017 but ultimately had a 4.73 ERA when the last-place Phillies traded him to Baltimore, where his struggles escalated. That left him languishing on the market until March 2018, when he settled for a Minor League contract with the Nationals.

Neil Walker, 2B, Mets, 2016
Accepted $17.2 million qualifying offer for '17

Background: Walker was a model of consistency in Pittsburgh, where he had an OPS+ between 106 and 126 in six straight seasons. That sort of production continued in 2016 after a trade to the Mets. Walker hit .282/.347/.476 (121 OPS+) with 23 homers in 113 games, but a herniated disk in his back required surgery and ended his season in late August, throwing his free agency into some doubt and helping keep him in Queens.

Result: Walker returned for Opening Day 2017 and was having another typical season when he sustained a hamstring tear in mid-June and missed about six weeks. The Mets, scuffling well below .500, traded him to the Brewers soon after his return, during the August waiver period. In the following offseason, Walker didn’t land a contract until March, signing a modest one-year deal with the Yankees.

Brett Anderson, P, Dodgers, 2015
Accepted $15.8 million qualifying offer for '16

Background: Anderson’s situation was similar to the one the Dodgers faced with Ryu a few years later. Like his fellow lefty, Anderson had been effective but not especially durable throughout his career. When L.A. signed him to a one-year deal before 2015, Anderson had pitched barely more than 200 innings over the previous four seasons. He then managed a career-high 31 starts and 180 1/3 innings for the Dodgers, posting a 3.69 ERA, but still would have faced some skepticism on the open market.

Result: The Dodgers gambled on a second straight healthy season and didn’t get one. Anderson made his 2016 debut on Aug. 14 and ultimately pitched just 11 1/3 innings due to a back injury and blister issues. He settled for an incentive-laden one-year deal with the Cubs for '17.

Colby Rasmus, OF, Astros, 2015
Accepted $15.8 million qualifying offer for '16

Background: Rasmus signed a one-year deal with the Astros ahead of the 2015 season, after six up-and-down campaigns in St. Louis and Toronto. He proceeded to have a solid if not spectacular year in Houston, batting .238/.314/.475 (116 OPS+) with 25 homers in 137 games for an Astros club that made and won the AL Wild Card Game.

Result: Rasmus’ second go-round in Houston was a dud. After a strong April, he batted a meager .191/.252/.297 over the rest of the season and finished with a career-low .641 OPS in more than 400 plate appearances. Strong defensive numbers according to advanced metrics still gave him positive WAR value, but Rasmus took a significant pay cut ($5 million guaranteed) when he signed a one-year deal with the Rays for 2017.

Matt Wieters, C, Orioles, 2015
Accepted $15.8 million qualifying offer for '16

Background: Wieters had a longer history with his club than anyone else on this list, but a larger factor in his acceptance of the qualifying offer may have been health. Baltimore’s first-round pick (No. 5 overall) in the 2007 Draft -- who had been in the Majors since '09 -- underwent Tommy John surgery in '14 and didn’t return until June of the following season. That gave him all of 75 games, including 55 behind the plate, to state his case as a free agent. Wieters was solid in that time (.267/.319/.422, 101 OPS+) but perhaps wanted a full season to demonstrate his value.

Result: On the plus side, Wieters was healthy (124 games), made the All-Star team, and helped the Orioles grab a Wild Card berth. On the other hand, his .243/.302/.409 line with 17 homers didn’t stand out. The following January, Wieters took a deal with the Nationals that ultimately was worth $21 million over two years with his exercising of a 2018 player option.