Homer Bailey and the Cincinnati Reds agreed Saturday to a $5.35 million, one-year contract, ensuring baseball will set a record low for salary arbitration hearings. No cases have been argued before three-person panels this year among the 133 players who filed for arbitration last month and just one remains scheduled for a hearing next week: Baltimore reliever Darren O'Day. O'Day and the Orioles have an agreement on a $5.8 million, two-year contract that is pending a physical. As long as that deal is completed, MLB will have no arbitration hearings this year for the first time since the process began in 1974
