As was mentioned in the comments, and has been reported on, the Reds exercised 2008 options on three players today:

Adam Dunn: $13M Scott Hatteberg: $1.85M Javy Valentin: $1.35M

The Reds turned down Eddie Guardado’s $3.5M option, but are reportedly interested in bringing him back at a lower price.

I love all these moves, at the prices. My only only worry is that Dusty Baker will be tempted to play Hatteberg instead of Joey Votto. Wayne Krivsky says I shouldn’t worry:

“These things take care of themselves through spring training,” Krivsky said. “We want to give Dusty all the weapons we can to win with. I think we have depth at several positions.”

To me, Joey Votto earned a starting position by hitting .321/.360/.548 in 84 big league ABs, after going .294/.381/.478 at AAA. Hatteberg makes a great backup and pinch hitter at $1.85M, but I seem to recall him saying that he wasn’t interested in that sort of role, quite yet. Frankly, after the season he had (.310/.394/.474), he should have a starting job. I’m just not sure it should be with the Reds.