The Reds tried to tie up Volquez with a multi-year deal but Volquez didn't want it. Perhaps Volquez thinks he can regain his 2008 magic and his value will be drastically higher a year from now. I hope Volquez is right, we could use 200 innings with a 3.2 ERA from the Wagon.
EDIT: Enrique Rojas (hey, that means "Reds"!) says the deal is for $1.6 mil.
EDIT: Reds close deal with Volquez.