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Reds mulling multi-year deal with Volquez

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Volquez was like "$2 million" and the Reds were all "$1.3 million." So now they're working out a deal, with one-year and multiple years still on the table. The Reds clearly have an interest in cost-certainty, given the wealth or potential arb cases they've been facing over the next few years, but they also have no pressing need to reduce Volquez's 2011 salary. Is this a good buy-low scenario?