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The Reds have reached an agreement on a three-year extension with Joey Votto, reports MLB.com's Mark Sheldon. The deal, which is a pending a physical scheduled for Monday, will be worth $38MM.
Votto was entering his first season of arbitration eligibility, so the contract will cover the remaining three years of team control. Because the extension only buys out his arbitration seasons, the 27-year-old will still be able to become a free agent after the 2013 season.
Taking into account Votto's strong finish and MVP award, his 2011 cost likely would have been even higher than $7MM, and would only have increased over the next two years. With this deal, the arbitration process will be avoided, providing both sides with some cost certainty. While $38MM is a significant price to pay for three non-free agent years, it's not unprecedented - Ryan Howard earned $44MM from the Phillies over his first three arbitration seasons.
Votto's deal is the third major extension the Reds have agreed to this winter. In December, Bronson Arroyo signed a three-year, $35MM contract to remain in Cincinnati, and Jay Bruce signed for six years and $51MM.
-MLBTR