Cincinnati
Reds

News: Laynce Nix has refused to be out-righted to Triple-A, and is now a free agent, according to Mark Sheldon of MLB.com.
Impact: Nix showed some decent power for the Reds last season, clubbing 15 home runs in 309 at-bats. Despite a lifetime .236 average, he should find a place on someone's bench for 2010. 

News: Alonso will play winter ball in Puerto Rico after the Arizona Fall League finishes up this week, the Cincinnati Enquirer reports.
Impact: Alonso recovered a little bit at the plate after a slow start in the AFL. However, he hasn't hit for much power in a place that is power-friendly. 

News: Hernandez's one-year deal with the Reds is for $3 million, the Cincinnati Enquirer reports.
Impact: This comes at a significant discount from their declined $8.5 million option. That Hernandez so readily was willing to take such a pay cut might reflect how stark the free agent market is going to be this year. 

News: Kip Wells has filed for free agency Monday, according to MLB.com.
Impact: The 32-year-old hurler went 2-5 with a 5.33 ERA over 33 games (seven starts) with the Reds and Nationals in 2009. If Wells is offered arbitration and inks with another team, he is not rated for the Reds to receive compensation in return. 

News: Hernandez agreed Monday to a $3 million, one-year contract with the Reds after Cincinnati declined his $8 million option. The deal includes a $3.25 million option for 2011 that would become guaranteed if Hernandez plays in 120 games next season. If he plays in fewer, the Reds do not have the ability to exercise the option.
Impact: Hernandez played in only 81 games last season because of a knee injury that required surgery in July. He hit .258 with 13 doubles, five homers and 37 RBIs. He also started at first base 18 times when Joey Votto was sidelined. 

News: Ramon Hernandez has re-signed with the Cincinnati Reds, according to Fox Sports.
Impact: The 33-year-old Hernandez hit .258 with five home runs and 37 RBI in 2009. He appeared in just 82 games, however, after injuring his left knee on July 20. He is expected to be 100 percent healthy by spring training. 

News: Hernandez has signed a one-year deal to return to the Reds in 2010, the team's official site reports.
Impact: It's a discount from his $8.5 million option that the Reds previously declined, but financial details were not immediately released. Hernandez will likely be the team's primary catcher again this season while Ryan Hanigan will remain in the backup role. 

News: MLB.com reports that Reds pitching prospect Matt Maloney is a candidate to make the team's rotation in 2010.
Impact: Maloney pitched well in his final three starts with the big club last season, going 2-1 with a 3.65 ERA, and had an very solid year in Triple-A as well. He fanned 125 against just 24 walks in 22 starts with Louisville and held a respectable 3.08 ERA. If the Reds don't make any noise in the offseason he'll have a legit shot at being a fourth or fifth starter. 

News: Wells has filed for free agency.
Impact: Though he had a couple of decent September starts, Wells is precisely a replacement-level pitcher, and it would be an upset if he were to get a major league contract offer. 

News: Castillo has been moved to the 60-day DL, according to MLB.com. He has been out since June 23 with a right-shoulder injury suffered in a headfirst slide.
Impact: Castillo was 2 for 3 in four games this season for the Reds. 

News: According to AOL Fanhouse, the Reds are in financial trouble and may have to unload some significant salary this offseason, meaning Brandon Phillips' future with the team could be in jeopardy.
Impact: The Reds were right around $71 million last season, but apparently need to get it down to about $65 million in 2010. They have a lot of young up and coming talent, and certainly won't be parting with any of that, so guys like Phillips, Bronson arroyo and Aaron Harang could be on the trading block this hot stove season. 

News: Leake struck out the side during his inning of relief work in the AFL Rising Stars Game on Saturday.
Impact: He's posted a 9:2 K:BB ratio in 11.2 innings -- mostly as a starter -- in the AFL this fall. Leake sits between 88-92 mph with his fastball, but he has a complete four-pitch arsenal that also includes a curveball, slider and change-up. Further, he commands his pitches well and didn't show any hesitation to throw any of his pitches regardless of the count during a very successful collegiate career at Arizona State. Even though his ceiling isn't as high as that of Stephen Strasburg, Leake could be more polished and he should ascend quickly through the Reds' minor league system. 

News: McDonald refused his assignment to Triple-A Louisville and is now a free agent.
Impact: He'll try to latch on with an organization that doesn't have as much competition for 40-man roster spots as the Reds this winter, but McDonald will likely end up with a minor league deal. 

News: The Reds outrighted Barker from their 40-man roster and he elected for free agency.
Impact: In an organization that has both Joey Votto and Yonder Alonso, there's no future for Barker. 

News: The Reds reinstated Castillo (shoulder) from the 60-day DL and outrighted him to Triple-A Louisville, the Cincinnati Enquirer reports.
Impact: Castillo agreed to a minor league deal with the Reds, where he'll continue his jack-of-all-trades act. 

News: Lehr signed a one-year major league contract with the Reds but then was outrighted off the 40-man roster to Triple-A Louisville, the Cincinnati Enquirer reports.
Impact: Lehr gets a little bit of a reward from the Reds for his second half work, yet they are able to preserve their 40-man roster spot. Depending upon what the offseason brings, Lehr might yet still get a chance to win a roster spot out of spring training. 

News: Richar had surgery to repair a torn labrum in his left shoulder, suffered on a headfirst slide July 2.
Impact: According to the Cincinnati Enquirer, Richar is expected to recover fully by spring training 2010. 

News: McDonald was outrighted to Triple-A Louisville on Friday, the Reds' official site reports.
Impact: The Reds are hoping to re-sign McDonald for the 2010 season, but don't have room for him on the 40-man roster at this point. Given his lack of upside and the abundance of outfielders competing for a spot, he's unlikely to get a major league deal anywhere. 

News: Miller was outrighted to Triple-A Louisville on Friday, the Reds' official site reports.
Impact: Miller was impressive as a defensive catcher, as Reds pitchers posted a 3.02 ERA when he was behind the plate. 

News: The Reds will not pick up Hernandez's $8.5 million option for the 2010 season, the team's official site reports.
Impact: He'll be bought out of the option for $1 million. Hernandez will become a free agent, but the Reds are looking to bring him back at a discounted price. Hernandez projects as a Type B free agent. 

News: Alonso is off to a slow start in the Arizona Fall League, hitting .188/.243/.375 in 32 at-bats.
Impact: Alonso has progressed slower than a few of his contemporaries in the 2008 draft. He'll likely spend the majority of 2010 at Triple-A Louisville. 

News: The Reds haven't yet decided whether they'll exercise their $8.5 million option on Hernandez or instead pay the $1 million buyout, the Reds' official site reports.
Impact: The presumption here is that they'll choose the latter choice with Hernandez, though manager Dusty Baker remains a big fan of him. Hernandez finished the year hitting .258/.336/.362 in 287 at-bats, missing a good portion of the season with a knee injury.