Bailey agrees to term -- 6 yrs, $105 million with mutual option http://t.co/O6uUupnSj4 #redsIt appears Homer Bailey and the Reds won't be needing to meet in Florida on Thursday after all.
— Mark Sheldon (@m_sheldon) February 19, 2014
According to Mark Sheldon of MLB.com, who cited a source close to the situation, Bailey and the team have agreed upon a six-year deal reportedly worth $105 million. If true, it means the two sides won't have to attend an arbitration hearing in Tampa Bay tomorrow.
The contract includes a mutual option worth $25 million for a seventh year, according to Sheldon. If Cincinnati chooses to decline, Bailey will receive a $5 million buyout.
The move to sign Bailey long term came as a surprise to most around the baseball community. It didn't appear like the Reds would have the financial muscle to retain their 2004 first round pick. However, as Wednesday's news proves, that speculation turned out to be false.
Bailey owns a 49-45 record and a 4.25 ERA in 143 major league starts. This new contract will take Bailey through 2019 at which point he will be 33-years-old.