Ryan Madson and Ryan Ludwick have declined their mutual options with the Cincinnati Reds for the 2013 season, according to MLB's official Twitter account. Madson's option was worth $11 million, and Ludwick's was worth $5 million. Madson will take a $2.5 million buyout, and Ludwick will get $500k.
Madson signed with the Reds for $6 million before the 2012 season to be the team's closer. He never threw a pitch though, suffering a torn UCL and undergoing Tommy John surgery. His contract was structured so that $4 million of his $6 million salary is deferred. He will receive $2 million payouts on Nov. 1, 2012 and Nov. 1, 2013. The Reds are hoping to re-sign him, and Madson seems interested, according to Mark Sheldon, but he could also seek a closer job elsewhere, says Jon Heyman.
Ryan Ludwick was a pleasant surprise for the Reds in 2012, signing before the season for a modest $2.5 million salary. He responded by hitting .276/.346/.531 with 26 home runs. The 34-year-old Ludwick is reportedly seeking a multi-year deal, and the Reds are hoping to re-sign him for two years, says Sheldon.