2:21pm: The Reds have also declined Ludwick’s $9MM option, instead paying him a $4.5MM buyout, Cotillo tweets. The 36-year-old’s down 2014 season made that salary excessive, though the steep buyout tag and Cincinnati’s outfield needs made it a closer call than it might have seemed at first glance.

1:45pm: The Reds have kicked off their offseason with two unsurprising moves, deciding to exercise a $10MM club option over starter Johnny Cueto and decline a $4MM option for utilityman Jack Hannahan, according to Chris Cotillo of MLBDailyDish.com (Twitter links). Cincinnati will pay Hannahan a $2MM buyout rather than taking him back for 2015.

Both moves were widely expected. Cueto, 28, put up a Cy Young-worthy campaign (243 2/3 innings with a 2.25 ERA) and is an unquestioned bargain at that rate. The only question seems to be whether the club will take a crack at working out another extension or, if that is not an option, will listen to trade offers.

Meanwhile, the 34-year-old Hannahan did not play to expectations with the Reds and saw only 50 plate appearances last year. Across 212 trips to the plate over the previous two seasons, Hannahan slashed an anemic .209/.294/.278.

Cincinnati still has a slightly more difficult decision to make on Ryan Ludwick, whose club option — like Hannahan’s — comes with a buyout that reaches 50% of its value. In his case, the club can either pick him up at $9MM or buy him out for $4.5MM.