The Reds face a slew of contractual options after the season:
- Aaron Harang has a $12.75MM club option with a $2MM buyout. The option price increases by $250K if Harang reaches 210 innings. Plus, both the option price and buyout increase if he's traded. If Harang stays with the Reds through the season, they'll decline.
- Bronson Arroyo has an $11MM club option with a $2MM buyout. The option can increase to $13MM based on innings pitched. I envision the Reds declining this as well, giving them flexibility to sign a veteran replacement.
- Shortstop Orlando Cabrera has a $4MM mutual option, with a buyout that can be worth either $0.5MM or $1MM. It'll probably be the latter, assuming the player exercises and the club declines.
- Catcher Ramon Hernandez has a $3.25MM option that vests with 120 games. Assuming Ryan Hanigan stays healthy, this won't vest.
- Outfielder Jonny Gomes has a $1.75MM club option with a buyout ranging from $50K to $200K based on plate appearances.
The Reds have three other free agents in Arthur Rhodes, Mike Lincoln, and Miguel Cairo. The trio earns $5MM this year. All told the Reds will clear just under $30MM if all of these players are allowed to leave, accounting for buyouts.
The Reds have $4.76MM in increases to players under contract, most of it going to Brandon Phillips. They'll also owe first-time arbitration raises to Joey Votto, Edinson Volquez, Johnny Cueto, Micah Owings, and Bill Bray. Jared Burton and Laynce Nix will be in the second-time class. It'll cost over $10MM extra to retain the key players, with Votto getting the biggest bump.
Holding payroll steady and allowing all free agents to leave, the Reds should have over $10MM to work with. They'll have a lot of holes to fill. If the Reds are out of the race in a few months, saving $5-10MM in salary dumps would go a long way for 2011.
Thanks to Cot's Baseball Contracts for the info.