Report: Homer Bailey, Reds agree to $105 million extension for six years

Mike Oz
San Francisco Giants v Cincinnati Reds
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CINCINNATI, OH - JULY 2: Homer Bailey #34 of the Cincinnati Reds celebrates after throwing a no-hitter against the San Francisco Giants at Great American Ball Park on July 2, 2013 in Cincinnati, Ohio. The Reds won 3-0. (Photo by Joe Robbins/Getty Images)

Homer Bailey isn't going to arbitration. And he isn't going to be leaving the Cincinnati Reds anytime soon. But he's probably headed to the bank.

Bailey, the 27-year-old right-handed pitcher, has agreed to a six-year, $105 million contract extension with the Reds, according to MLB.com's Mark Sheldon. The Reds haven't confirmed the deal is in place yet, but it's been rumored for a while. 

Writes Sheldon:

The deal comes with a mutual option for a seventh year worth $25 million with a $5 million buyout.

The Reds have not announced the agreement. "Not yet," general manager Walt Jocketty said when asked if the deal was done. "Hopefully by [Thursday] morning."

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Getting a deal done saves everyone some travel time. Bailey's arbitration hearing would have been in Tampa on Thursday. Now Bailey and the Reds can stay in Goodyear, Ariz., where they hold spring training.

Bailey's career numbers don't seem to justify a $105 million investment, but he's come along nicely in the past two seasons. He's 49-45 with a 4.25 ERA for his career, but his ERA was 3.68 and 3.49 in the past two seasons. He also topped the 200-inning plateau in 2012 and 2013, the only years he's done that.

Baileyhas  also thrown two no-hitters, so the Reds obviously know he has the kind of stuff they want for the long haul. Plus, it's a sign of the times that pitchers who aren't even their team's ace are getting $100-million deals.

Add Bailey to the list of players the Reds have locked down for the next few years, as they try to get over their recent playoff disappointments. On the offensive side: Joey Votto is signed through 2024 and Brandon Phillips and Jay Bruce are both under contract through 2017. Bailey's deal helps stabilize the pitching. The Reds have a $10 million club option for 2015 with Johnny Cueto. Mat Latos, meanwhile, will be a free agent after 2015.

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Mike Oz is an editor for Big League Stew on Yahoo Sports. Have a tip? Email him at mikeozstew@yahoo.com or follow him on Twitter!