From Hal McCoy:

Weathers and the Reds have agreed to a one-year contract for this year, with a club option for 2010.

Weathers, 39 and a free agent after last season, opted to accept arbitration with the Reds when he didn’t sign with another team.

Weathers, who was paid $3.3 million last year, was offered $3 million for 2009 by the Reds and he submitted an arbitration figure for $4.6 million.

The two parties compromised for $4 million.

I think Weathers is overpaid at $4M and I’m sure there’s a buyout for the second year of the contract. Let’s hope the Reds make use of the buyout.