Homer Bailey and the Reds are extremely far apart in extension talks, and barring large concessions by one or both sides, Bailey appears likely to become a free agent next offseason, ESPN's Jerry Crasnick reports (Twitter links). Last month, Reds GM Walt Jocketty said he was "optimistic" that Bailey and the Reds would be able to negotiate a long-term deal.

Bailey filed for a 2014 salary of $11.6MM through the arbitration process, while the Reds countered with $8.7MM. After that, Bailey is due to hit the market as a 28-year-old, and if his 2014 season is anything like his 2013 (in which he posted a 3.49 ERA with 8.6 K/9 and 2.3 BB/9 over 209 innings), he'll be an immensely valuable property — Max Scherzer is the only 2014-15 free agent starter who rates more highly. Given the probability of an enormous payday for Bailey, it's easy to see why he and the Reds might be having trouble finding common ground on an extension.