According to Hal McCoy of the Dayton Daily News, Ken Griffey Jr.'s remaining $8MM this year and his $16MM option/$4MM buyout next year will not deter the Mariners. The revelation that Junior may not require his '09 option exercised and the chunk of deferred money could indeed make the money a non-issue.
One question is whether the Reds will treat this as a salary dump or if they'll want a decent prospect in return. The other is whether Griffey would want to join the last place Mariners.
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