From Yahoo Sports.com:

Matt Clement and the St. Louis Cardinals agreed to a $1.5 million, one-year contract on Thursday with a club option for 2009.

snip…

Clement gets a $1.25 million salary this year and can earn an additional $5.25 million in performance bonuses, receiving the full amount if he pitches 200 innings.

The Cardinals have an $8.75 million option for 2009 with a $250,000 buyout. The option would increase to $9 million and the buyout $500,000 if Clement reaches 160 innings this season; $9.5 million and $1 million for 180 innings; and $10 million and $1.5 million for 200 innings.

The option would become $11 million and the buyout $2 million if Clement finishes in the top five in 2008 Cy Young Award balloting.

I had kind of hoped this was the guy the Reds would sign. He’s no world beater, but if healthy, could be an effective #3 and this seems like a very reasonable contract to me.