The Reds and Homer Bailey have reached agreement on a one-year deal to avoid arbitration, GM Walt Jocketty told John Fay of the Cincinnati Enquirer (on Twitter). Bailey will earn $5.35MM in 2013, according to Jon Heyman of CBSSports.com.
There was speculation that the club was working on a multi-year deal with Bailey given the amount of time they were spending on their deal. Jocketty tells Fay (Twitter link) that he'll revisit a multi-year deal with the right-hander at some point.
Bailey filed for $5.8MM this winter while the Reds countered with $4.75MM, making the midpoint $5.275MM. The 26-year-old enjoyed his best season to date in 2012, posting a 3.68 ERA with 7.3 K/9 and 2.3 BB/9 across 33 starts.