From the Enquirer:

The Reds and Homer Bailey reached an agreement on a one-year, $5.35 million deal, avoiding arbitration. Bailey, who was eligible for arbitration for the second time, filed for $5.8 million. Club countered at $4.75 million

Bailey was the last of seven arbitration cases that the Reds settled.

Reds general manager Walt Jocketty said it was toughest year he’s ever had as far as arbitration.

“Absolutely,” he said. “With the numbers of cases and quality of players. We came very close to going to the hearing with (Mat) Latos. We’re all very happy to have it behind us.”

The Reds reached two-year deals with Latos and Logan Ondrusek and one-year deals with Mike Leake, Bailey, Chris Heisey, Shin-Soo Choo and Alfredo Simon.

Jocketty said the Reds will re-visit a multi-year deal on Bailey at some point.

With the deal, the Reds have 22 played under contract for $99.75 million. So the payroll will be over $100 million for the first time. It was $87.8 million last year. The Reds are getting $3.5 million from the Indians as part of Choo trade.