Holland finished seventh in the National League Rookie of the Year voting for 1980 but his best season was with the Philadelphia Phillies in when he won the Rolaids Relief Man of the Year Award and TSN Fireman of the Year Award while finishing in the top ten in voting for both the Cy Young Award and National League MVP. He then saved Game 1 of the 1983 National League Championship Series, and struck out three batters in two innings to finish Game 4, clinching the pennant for the Phillies. He also saved Game 1 of the 1983 World Series. In Game 3 of the World Series, Holland was pitching in the seventh inning when an error allowed the go-ahead run to score. Although Holland struck out four batters in the eighth and ninth innings, he and the Phillies lost in the last postseason game of his career. They then lost Games 4 and 5 as well to give the Baltimore Orioles the championship.