Though they saved nearly $11MM in 2014 salary by trading Jim Johnson to the A's, the Orioles have done little with that savings to this point. They looked to be on their way to allocating a significant chunk of that money to a cheaper option in Grant Balfour, but the O's controversially backed out due to concerns over Balfour's physical.
The money saved on their ninth inning situation would likely be enough to pay Arroyo in the first year of a multiyear pact, especially if the contract were backloaded. Baltimore will have Nick Markakis' salary coming off the books following the 2014 campaign, which could allow them to pay Arroyo more following the first year of a deal.
Arroyo has also been connected to the Twins, Reds, Mets and Pirates this offseason, with the Twins and Reds being the most frequently mentioned suitors for the soon-to-be-37-year-old. Recent reports indicated that as many as four teams have made two-year offers to Arroyo, who is currently holding out for a third guaranteed season. Arroyo has thrown 199 or more innings in each of the past nine seasons, pitching to a 4.10 ERA in that time. He's also succeeded in a hitter-friendly environment — Cincinnati's Great American Ball Park — for the vast majority of that stretch.