I'm pleased as punch to find out that the Reds have extended the contract of #2 pitcher Bronson Arroyo today all the way through 2010 with an option for 2011. From Reds.com:

On Thursday, Cincinnati gave All-Star starting pitcher Bronson Arroyo a two-year contract extension through 2010 plus a club option for the 2011 season. Arroyo, who was entering the second year of a three-year, $11.25 million contract he signed with the Red Sox on January 19, 2006, will get $25 million more in new money for a total of $33.07 million when including his option buyout.

And a little bit more about the specifics of the money from C. Trent:

His entire contract -- including the extension -- will pay him at least $33,075,000. He will get $25 million more under the extension than he would have gotten under the two-year deal.
His base salary for this year is $4.125 million. He has a base of $3.95 million for 2008. As part of the extension, he gets a $2.5 million signing bonus that will be paid in 2008. He also has base salaries of $9.5 million in 2009 and $11 million in 2010.
There is a club option for 2011 at $11 million, with a $2 million buyout. The option can escalate to $13 million if he pitches a certain number of innings.
Arroyo agreed to eliminate two escalators in his old deal that could have raised his base pay by $650,000 for pitching so many innings

I'm not saying that this was the best financial move in the world. If the going rate for pitching continues along the trend we're seeing this off-season, it may work out, but after all, we've seen only one year of Mr. Arroyo's stuff and we're already investing Milton-type money in him.

But I'm not the one paying for it, so I say bring on the slightly-above-average covers of crappy 90s grunge!