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I also read an article I think from the Cincinnati Enquirer (or some Cincy paper) I now can't find confirming they were offering him one year. The article discussed the Reds already having a 5 man set rotation and jokingly saying it would go 6 if they can bring back Arroyo. It did say two of the pitchers are coming back from injury, but the Reds are still set to go with them.
The article also discussed the Reds wanting to give Arroyo a chance to explore the FA market before coming back to him.
I think if all is even and 1 year is all he can get, Arroyo goes back to the Reds. In the article, Arroyo said he would have accepted the qualifying offer had the Reds offered it to him (and the 14 + million salary that comes with the one year offer). He certainly isn't going to get that kind of money with whatever one year the Reds are offering now.
I think Arroyo may have to downgrade his demands to 2 years. If he does that, I see TR setting aside his other options and going for Arroyo. I've seen a report TR wants Garza for 3 years, but Garza wants 5. If TR can get 2 years on Arroyo, he's probably set stop pursuing Garza. I also think TR would even prefer Arroyo over Pelfrey on a two year deal (even though I'm sure Big Pelf is cheaper).
Should be interesting to see if the Twins or another team make a two or even three year offer to Arroyo now that the Reds have played their hand. The Reds may have done it just to say "we did something to try and retain him" or are banking on Arroyo really wanting to retire there and taking a series of one year deals to do it so the team has minimal risk should an injury happen or he declines in pitching.
What say you?