Ex-KBO MVP Kim Jae-hwan becomes free agent after unconditional release by Bears

Kim Jae-hwan of the Doosan Bears hits a three-run home run against the Hanwha Eagles during the clubs' Korea Baseball Organization regular-season game at Jamsil Baseball Stadium in Seoul, Sept. 25. Yonhap

The Doosan Bears announced Wednesday they have granted veteran slugger Kim Jae-hwan an unconditional release, making the 2018 Korea Baseball Organization (KBO) regular-season MVP a free agent.

The Bears and the 37-year-old Kim couldn't come to an agreement on a new deal after Kim's four-year contract expired at the end of the 2025 season.

Instead of exercising his rights as a free agent this offseason, Kim chose to first negotiate a new contract with the Bears. It was belatedly revealed Wednesday that Kim's previous deal had included a clause allowing an unconditional release if the two sides couldn't settle on a new pact.

Teams that sign players who declare free agency at the onset of the offseason must offer compensation for those players' former teams, either with a combination of cash and a player or with cash alone. However, because Kim has been unconditionally released after initial talks with the Bears broke down, he has hit the open market with no strings attached -- theoretically making it easier for the aging veteran to find a new team.

Kim made his KBO debut with the Bears in 2008 but didn't have his breakout campaign until 2016, when he finished third in the league with 36 home runs and 124 RBIs.

In 2018, Kim was voted the MVP after leading the KBO with 44 home runs and 133 RBIs.

From 2016 to 2022, Kim launched 263 home runs, the second-highest total in the KBO during that stretch.

Kim's home run total dipped from 23 in 2022 to just 10 in 2023. He bounced back by pounding out 29 home runs in 2024 but only managed 13 home runs with a .241 batting average in 2025.

With some big names having been snatched, Kim instantly sends a jolt to the free agent market that has several pitchers available and only one other proven slugger, Choi Hyoung-woo, left unsigned.

The Bears released five other players Wednesday, including starting pitcher Cole Irvin and setup man Hong Geon-hui.