From Baseball America

Cincinnati Reds
Released: RHP Cesar Caceres, RHP Po-Cheng Chi, RHP Scott Gaffney, RHP Pat Quinn, LHP Tom Cochran, LHP Matt Leonard, LHP Luca Panerati, 2B Jake Kahaulelio, 3B Jorge Jimenez, SS Cristobal Rodriguez, OF Phil Bauer
Elected free agency: RHP Jared Burton, RHP Daryl Thompson
Added to 40-man roster: OF Denis Phipps
Removed from 40-man: RHP Jared Burton, RHP Daryl Thompson (both players outrighted to Triple-A)

The Reds quietly re-signed Dominican outfielder Denis Phipps last offseason following a season in which he topped out in Double-A and batted just .228/.295/.336 in 104 games for Carolina. Cincinnati believed in his raw tools, athleticism and bat speed, even though he hadn't produced results since rookie ball. The 26-year-old Phipps rewarded the organization in ’11 by batting a composite .346/.397/.527 with 12 homers in 122 games at Double-A and Triple-A. He still struck out more than you'd like to see (nearly 25 percent of plate appearances with Louisville) for a batter with gap-to-gap power, so don't be surprised if he gives back some progress next season. The Reds added Phipps to 40-man roster to prevent him from leaving as a minor league free agent.