From the Reds on Twitter:
This deal buys out his arbitration years, and adds one extra year to his deal. No word on the money yet, but this gives the Reds a guaranteed number on their payroll, and gives Raisel some security through the 2021 season also. The Reds will also feel good about buying out the provision on his deal that included an opt-out.
This is good news for fans who are hoping to see Iglesias stick around, but let’s not count those chickens yet. Removing the ambiguity of arbitration from his deal could make his contract more attractive to potential suitors, so we’ll see if this extension comes with trade interest from other teams looking for a closer.
Without seeing the numbers, this seems like a good deal for both parties. More on the money as we get it.