Right-hander Mat Latos has agreed to an $11.5 million, two-year contract with the Cincinnati Reds, avoiding what would have been baseball's first salary arbitration hearing of the year. Right-hander Homer Bailey is the last Reds player in arbitration. Latos will receive salaries of $4.25 million this year and $7.25 million in 2014 under Tuesday's deal. He has asked for $5.8 million, and the Reds have offered $4.75 million. They've also discussed a multiyear deal with Bailey, who pitched a no-hitter at Pittsburgh last Sept. 28. All rights reserved.