What happened: Right-handed reliever Peter Strzelecki has exercised an opt-out in his contract with the New York Yankees and is now a free agent, according to reporter Jon Heyman. The move frees Strzelecki to negotiate with all 30 clubs.

Why it matters: The Yankees, at 45-28 and in win-now mode, lose a depth bullpen option just as the season heats up. Relief depth is often where contenders feel midseason strain, and an opt-out forces New York to either re-sign him at market or look elsewhere to backfill the innings.

What to watch: Watch whether the Yankees move to re-sign Strzelecki or whether a rival club moves quickly on the newly available arm.