Chapman and the Reds split the difference on their arbitration figures. The club had offered $4.6 million while Chapman asked for $5.4 million.
Bailey went 11-12 last season with a 3.49 ERA and a club-high 199 strikeouts. He also pitched his second no-hitter in two years.
Chapman went 4-5 with 38 saves and a 2.54 ERA in 68 appearances with 112 strikeouts in 63 2-3 innings.
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