Y! SPORTS
What are the Reds thinking?
What are the Reds thinking?
GOODYEAR, Ariz. (AP) -- Starter Homer Bailey agreed to a $105 million, six-year contract on Wednesday that avoids arbitration and will help the Cincinnati Reds with their cash flow by deferring some of the salary for short periods.
The deal includes a $25 million mutual option for 2020 with a $5 million buyout.
Bailey was the final major league player left in arbitration this year and reached the agreement a day before his scheduled hearing in Florida. He made $5.35 million last season and had asked for $11.6 million in arbitration. The Reds had offered $8.7 million, their biggest gap among their players in arbitration.
The 27-year-old Texan was coming off a season that included his second no-hitter.
Bailey gets salaries of $9 million this year, $10 million in 2015, $18 million in 2016, $19 million in 2017, $21 million in 2018 and $23 million in 2019. In an unusual twist, much of the annual salary will be deferred until the November after each season.
Bailey will be paid in-season amounts of $3 million this year, $4 million next year, $11 million in 2016, $12 million in 2017, $14 million in 2018 and $15 million in 2019.
If he is traded, his new team would have to pay all of the salary amounts during the season. Also, the $5 million buyout would be paid when either side decides not to exercise the option rather than having it deferred until November 2020.
Bailey went a career-best 13-10 with a 3.68 ERA in 2012, completing his breakthrough season by throwing a no-hitter in Pittsburgh on Sept 28. He followed that with the 16th no-hitter in franchise history last June, a 3-0 win over San Francisco at Great American Ball Park.
Bailey went 11-12 with a 3.49 ERA last year, leaving him in line for a big salary increase in arbitration or a long-term deal. The Reds' rotation includes five players under the age of 30 - Johnny Cueto (28), Mat Latos (26), Bailey (27), Mike Leake (26) and left-hander Tony Cingrani (24).
The deal includes a $25 million mutual option for 2020 with a $5 million buyout.
Bailey was the final major league player left in arbitration this year and reached the agreement a day before his scheduled hearing in Florida. He made $5.35 million last season and had asked for $11.6 million in arbitration. The Reds had offered $8.7 million, their biggest gap among their players in arbitration.
The 27-year-old Texan was coming off a season that included his second no-hitter.
Bailey gets salaries of $9 million this year, $10 million in 2015, $18 million in 2016, $19 million in 2017, $21 million in 2018 and $23 million in 2019. In an unusual twist, much of the annual salary will be deferred until the November after each season.
Bailey will be paid in-season amounts of $3 million this year, $4 million next year, $11 million in 2016, $12 million in 2017, $14 million in 2018 and $15 million in 2019.
If he is traded, his new team would have to pay all of the salary amounts during the season. Also, the $5 million buyout would be paid when either side decides not to exercise the option rather than having it deferred until November 2020.
Bailey went a career-best 13-10 with a 3.68 ERA in 2012, completing his breakthrough season by throwing a no-hitter in Pittsburgh on Sept 28. He followed that with the 16th no-hitter in franchise history last June, a 3-0 win over San Francisco at Great American Ball Park.
Bailey went 11-12 with a 3.49 ERA last year, leaving him in line for a big salary increase in arbitration or a long-term deal. The Reds' rotation includes five players under the age of 30 - Johnny Cueto (28), Mat Latos (26), Bailey (27), Mike Leake (26) and left-hander Tony Cingrani (24).
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