Reds announced that Ryan Ludwick has been signed to a 2 year – $15M deal.

Walt Jocketty is quoted in the article:

“Ryan was very important to our success last year, and we’re looking to keep that momentum going into next season,” general manager Walt Jocketty said. “He and his agents made it clear he enjoyed his time here last season and that he wanted to continue to play in Cincinnati. We know he had other offers, and we’re glad we were able to reach an agreement to bring Ryan back for at least two more years.”

The breakdown of the contract is not given, but I read elsewhere that it’s $7M / $7M / $1M buyout on a mutual option for a 3rd year.