Ryan Madson, Ryan Ludwick decline mutual options with Reds

Andy Lyons

Ryan Madson and Ryan Ludwick both declined their respective halves of mutual options with the Cincinnati Reds. The Reds still have hopes of re-signing both of them.

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.

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