Rosecrans reports that Bronson has also agreed to a contract extension through 2010, with a club option for 2011. Basically, the deal adds $25M for the extra 2+ years.

I’m happy they locked him up, but I’m not as sold on Arroyo as I am on Harang. I see him as a lot less likely to be a $12M pitcher three years down the road. I’m very surprised he agreed to stick around Cincinnati for so long.

UPDATE (by Chad): From the Reds.com story:

The Reds on Thursday completed a two-step commitment to their top starting pitchers by signing All-Star right-hander Bronson Arroyo to a two-year contract extension through 2010 with a club option for 2011.
Coupled with the signing of Aaron Harang, who agreed to a four-year, $36.5 million deal on Tuesday, the Reds assured themselves of having the right-handed duo in their rotation for at least the next four seasons and possibly five.

Arroyo’s deal is worth at least $25 million. The club option would bring the total to $33.07 million, including the possible buyout.

Kudos to Krivsky on this one, as far as I’m concerned. I agree that Arroyo is not as likely as Harang to be worth the money in the long run, but you have to have pitching, and the Reds now have two above-average pitchers locked up. That goes a long way toward getting the Reds near respectability, at least.

Another update (by Bill) from the AP:

His extension calls for a $2.5 million signing bonus, payable in 2008, and salaries of $9.5 million in 2009 and $11 million in 2010.

Cincinnati has an $11 million option for 2011 with a $2 million buyout. The price of the option can escalate to $13 million, based on innings.

As part of the extension, Arroyo agreed to eliminate a clause that could have increased his 2008 salary by $325,000 if he pitched 210 innings this year, and $325,000 in possible performance bonuses in 2008.