UPDATE: Reds ink Ryan Madson to one-year, $8.5 million deal

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UPDATE: Jerry Crasnick of ESPN.com reports that the deal is worth $8.5 million guaranteed while Bob Nightengale of USA Today adds that it includes some performance-based incentives.

The Phillies will receive two draft picks as compensation for Madson, though the new CBA stipulates that the Reds will not surrender their first-round pick.  Instead, the Phils are expected to pick prior to the Reds (14th overall) in the first-roundUPDATE: Silly new CBA rules. It appears the Phillies will get a supplemental first-round pick and a second-round pick.

11:50 PM, Tuesday: Bob Nightengale of USA Today reports that the deal is worth in excess of $10 million.

11:31 PM, Tuesday: Heyman adds that it’s a one-year deal. Still need to see the dollar amount, but you have to love this if you’re the Reds. And while Madson didn’t get the deal we all thought he would get back in November, he could get his money next offseason if he proves healthy and effective in 2012.

10:55 PM, Tuesday: Ryan Madson has finally found a home. Jon Heyman of CBSSports.com reports that the 31-year-old right-hander has agreed to terms with the Reds. No word on the specifics yet.

Madson saved 32 games in 34 chances with the Phillies in 2011 and owns a 2.89 ERA over the past five seasons. He’s an improvement over the declining Francisco Cordero in the closer role and just the latest sign that the Reds are going for it in the National League Central.

7:50 PM, Tuesday: According to John Fay of the Cincinnati Enquirer and Mark Sheldon of MLB.com, a Reds’ source has downplayed the club’s interest in Madson.

6:35 PM, Tuesday: The Reds remain in contact with Francisco Cordero about serving as their closer this season, but Jon Heyman of CBSSports.com reports that the club is also in “serious” talks with Ryan Madson.

Many consider Madson one of the biggest losers of the offseason since his reported four-year, $44 million deal with the Phillies fell through in the early part of November. Potential suitors have gone in other directions, leaving one of the best relievers in baseball out of a job. The Reds recently acquired right-hander Mat Latos from the Padres, so there’s no question they’re going for it in the National League Central, although Cordero would likely come at a significantly lower price.

Reds general manager Walt Jocketty told John Fay of the Cincinnati Enquirer this afternoon that he hopes to have the Cordero situation resolved “one way or another” this week, so one wonders if he is talking to Madson in order to force his hand.

Shelby Miller has a tear in his UCL, considering Tommy John surgery

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Nick Piecoro of the Arizona Republic reports that Diamondbacks pitcher Shelby Miller has a tear in his ulnar collateral ligament and is considering undergoing Tommy John surgery. Surgery would end Miller’s 2017 season and would cut into a significant portion — if not all — of his 2018 season as well.

Miller sent his MRI results to Dr. Neal ElAttrache and Dr. James Andrews for second and third opinions, respectively. He could choose to rehab his elbow rather than undergo surgery, but that comes with its own set of positives and negatives.

Miller lasted only four-plus innings in his most recent start on Sunday and carries a 4.09 ERA on the season, his second with the Diamondbacks. His time in Arizona has not gone well.

The Mets are a mess

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The Mets lost again on Thursday afternoon, suffering a 7-5 defeat at the hands of the Braves. It’s their sixth consecutive loss and the club is now in last place in the NL East. Not exactly the start the Mets envisioned.

Matt Harvey got the start, but lasted only 4 1/3 innings. He gave up six runs on five hits and five walks with only one strikeout. After the game, Harvey said he was tight and that he threw yesterday expecting to start on Friday instead, per Matt Ehalt of The Record. Sounds like no one communicated to Harvey that he’d be starting this afternoon until it was too late for him to properly prepare.

Harvey started because Noah Syndergaard was scratched due to a “tired arm.” Syndergaard blew reporters off after the game, according to Mike Puma of the New York Post. Puma then added that Syndergaard ripped Mets P.R. guy Jay Horwitz for letting reporters approach him.

By the way, the Mets also lost outfielder Yoenis Cespedes to a hamstring injury. Not much else can go wrong in Queens.