The 26-year-old Bailey enjoyed a breakout season for the NL Central Division champions in 2012, posting career bests in innings (208), ERA (3.68), strikeouts (168) and WHIP (1.24). His 44.9 percent ground-ball rate was also a full-season best, as was his 9.4 percent swinging-strike rate. The Hendricks Sports is projected by MLBTR contributor Matt Swartz to earn $5.1MM in his second go-around in arbitration.
Latos, who will turn 25 on Sunday, pitched to a 3.48 ERA in a career-high 209 1/3 innings with a strong 8.0 K/9 and 2.8 BB/9. His regular season marks were virtually identical to his strong 2011 season despite moving from the spacious Petco Park to the hitter-friendly Great American Ballpark. A client of the Bledsoe Brothers, he's projected by Swartz to earn $4.6MM as a first-time arbitration-eligible player.
The Reds could look to do the same with Latos as they did with Johnny Cueto back in 2011, signing him to a four-year extension with a club option for a fifth year. At the time, Cueto was also eligible for arbitration for the first time. Latos has had more success to date than Cueto had, however, so it would likely require a greater financial commitment than the $27MM that Cueto secured.