Mat Latos and the Cincinnati Reds have avoided an arbitration hearing by entering into a two-year deal worth $11.5 million, according to a report Tuesday afternoon from The Associated Press.
According to the pay schedule of the new contract, Latos will be paid $4.2 million this year and $7.25 million for the 2014 season, putting an end to speculation that the two sides could enter into what would have been the first salary arbitration hearing for MLB this year.
The deal marks a significant pay raise for the right-handed pitcher, who was obtained by the Reds last year from the San Diego Padres; he was paid $550,000 last season, going 14-4 with a 3.48 ERA including two complete games in 33 starts and helping the Reds win the NL Central for the second time in three seasons. Latos had asked for $4.7 million in arbitration and was offered $4.15 million. According to the report, the Reds are currently in arbitration with only one other player, pitcher Homer Bailey. The right-hander asked for $5.8 million in arbitration but the Reds offered $4.75 million. The team is currently discussing a multi-year deal with Bailey, who pitched a no-hitter for the Reds in a game at Pittsburgh against the Pirates in September last year.