MLB sets record low for salary arbitration hearings Right-hander 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 two remain scheduled for hearings next week: San Diego left-hander Clayton Richard and Baltimore reliever Darren O'Day. O'Day and the Orioles have an agreement on a $5.8-million (all figures U.S. currency), two-year contract that is pending a physical. Richard has asked for a raise from $2,705,000 to $5.5-million and has been offered $4,905,000 after he went 14-14 with a 3.99 ERA last tear. Baseball's previous record low was three hearings, set in 2005 and matched in 2009 and 2011. The high was 35 in 1986. Owners hold a 291-214 lead since arbitration began in 1974. Bailey, who pitched a no-hitter at Pittsburgh last Sept. 28, had asked for $5.8-million and had been offered $4.75 million when players and teams swapped proposed arbitration salaries last month. His agreement was for the same amount as Ryan Zimmerman's settlement with the Washington Nationals a day earlier. Bailey was 13-10 with a 3.68 ERA in 33 starts last year.