Padres closer Trevor Hoffman is 1-6 with a 4.34 ERA and 26 SV in forty games this season. While he isn't having a bad year, he definitely has slowed down and might not be capable of being a closer next season. While his change up is still effective, his fastball has slowed down and is not really a go-to pitch anymore. Hoffman will be 41, but has not indicated whether or not he will pitch again.
The Padres do not have a closer waiting in the wings and could probably bring back Hoffman for a reduced price. However, expect the Padres to be very aggressive after a failed season where they missed out on several players including Kosuke Fukudome in the previous off season.