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 -- It’s the bottom of the ninth on Opening Day 2025, and the Blue Jays are winning, 3-2, against the Orioles. Who’s running out of the bullpen to close the game?

It feels like that pitcher isn’t on the roster right now.

On Friday, the Blue Jays chose to non-tender Canadian closer Jordan Romano, whose 105 career saves rank him third in franchise history behind only Tom Henke (217) and Duane Ward (121). The decision likely says more about Toronto’s belief in Romano’s ability to stay healthy next season than anything else after he dealt with elbow issues and underwent arthroscopic surgery, which ended his disappointing ’24 season. Still, it has left the organization in an uncomfortable spot.

Romano was a high-wire act at times, an incredible performer who knew how to make things interesting before slamming the door shut at the final moment. From 2020-23, he had a 2.29 ERA with 251 strikeouts over 200 2/3 innings. Romano was, by every definition, a very good MLB closer with both the talent and mentality to make it work.

There were two versions of Romano, one who walked through the clubhouse as one of the warmest, most relaxed figures in baseball, and the other, who paced the bullpen like a bull waiting to charge through the gate. While the beloved closer could still return to the club on a lesser deal in free agency, it’s clear that the ninth inning will look different in 2025 and beyond.

Free agency and trades: Who’s available?
Tanner Scott tops the bullpen market in free agency, fresh off a 1.75 ERA between the Marlins and Padres with the ability to close games. There’s a strong case for the Blue Jays to make one big-name signing in the bullpen and then surround that player with several depth moves, and Scott could be worth the significant multiyear investment at 30.

Carlos Estévez is another option, with 82 career saves and a 3.22 ERA since getting out of Colorado two seasons ago, though he’s not as overpowering as many relievers on the market. Former Yankees closer Clay Holmes and his 74 career saves is another option, while Kirby Yates, Jeff Hoffman, Kenley Jansen and old friend Yimi Garcia are also available.

The trade market -- where the Blue Jays could use their excess infield depth -- is attractive. Brewers closer Devin Williams is a year from free agency with a career 1.83 ERA and 68 saves, making him a very intriguing trade chip for Milwaukee. If the Cardinals truly pivot to a youth movement and aren’t competitive in 2025, Ryan Helsley represents the big fish on this market. Still just 30, Helsley led MLB with 49 saves in 2024.

Internal options and ideas
In October, GM Ross Atkins pointed to some of Toronto’s internal candidates who have experience closing games. Count Chad Green among them, with his 17 saves last season in Romano’s absence, and the Blue Jays are paying him $10.5 million next season for a reason. With Green’s strikeout rate (7.8 K/9) and peripheral numbers in 2024, though, he’s likely better suited for a high-leverage role.

Let’s say the same for Erik Swanson, who agreed to a one-year, $3 million deal on Friday to avoid arbitration. Swanson looked great down the stretch and isn’t getting enough attention as part of the solution in this bullpen, but in a perfect world, manager John Schneider can move Swanson, Green and another high-end arm around the sixth, seventh and eighth innings ahead of a shutdown closer.

This is what made Romano so valuable. Think of Swanson’s excellent 2023 season and Garcia in ’24 prior to the Trade Deadline. It’s such a luxury to have high-end options outside of the closer. They’re a manager’s favorite person.

This bullpen group is miles from finished. Toronto loves Brendon Little’s upside, but beyond Green and Swanson, it’s wide open and waiting for multiple additions. One wrinkle in all of this is Yariel Rodríguez, who has closed games in Japan and could be a fascinating project if the Blue Jays ever tried to max him out in a one-inning role, but they’d be wise to explore him as a starter for another year while finding other ways to fix this bullpen.

Unless you’re Mariano Rivera, most closers aren’t appreciated until they’re gone. That might end up being the case with Romano, too.