When Price was pitching coach for Lou in Seattle, he was a very strong influence in the dugout. He'd stand up to Lou when Price thought that Lou wasn't handling the pitching correctly.
He had the rep as a guy who could become a manager someday. Pretty impressive coach, folks. Says something good about the Reds that they could corral him -- whether it's $$$, the people or the pitchers -- or a combo of them -- it tells me the organization is in decent shape and, with Price aboard, getting better.
My sense is that they needed to act quickly, as there were also rumors about Price going to Florida and Houston. Even if they do little else this offseason, this is important progress.