Enquirer file photoIf you will recall, there were a lot of questions about the type of contract Edinson Volquez would be offered by the Reds, coming on the heels of the Jay Bruce, Joey Votto, and (especially) Johnny Cueto signings. Specifically, how would the Reds value Volquez, who was brilliant before being seriously injured, then was inconsistent after his return?

Personally, I thought the Bruce, Votto, and Cueto signings were good deals for all parties concerned. Volquez is a different matter. I’m probably higher on Volquez than many of you out there, but signing him long-term after what we’ve seen the last two seasons? If I were the Reds, I’d be very, very nervous about putting ink to paper on that contract.

Well, this isn’t particularly surprising, given some of the statements surrounding the Volquez contract negotiations, but it appears that Volquez declined to sign a long-term extension with Cincinnati. Rather, Volquez prefers to take his chances on bumping up his value in the coming season:

The Reds attempted to lock up yet another of their key young talents this offseason, but their proposal was handed back to them. Edinson Volquez told Julio Castro at the Domincan paper El Caribe (link in Spanish) that the team offered him a four-year extension, but he rejected it, preferring to bank on his value increasing over the coming season.

“They were offering me a contract for four years, the same as Johnny Cueto, but I didn’t feel it was right for me. I spoke with the lawyer and the general manager, and we all agreed on a single season,” Volquez explained while in Boca Chica, Dominican Republic.

I can’t say I blame Volquez, though he runs the risk of his value decreasing, should he have a poor 2011. Were I in his position, I might make the same decision he did. It’s reasonable. (I might also be inclined to take the money and run.)

Volquez did go on to say that (a) if he has a good season, he specifically wants to sign a four-year deal with the Reds; and (b) the Reds still have a long-term contract offer of some type on the table, should Volquez decide he wants to sign it in the near future.

Make of all that what you will. If Volquez has a great year and increases his value, that’s a good thing for the Nation.