Here are the specifics on the deal:
Phillips and the Reds today confirmed his new deal, which runs through 2011 and includes a club option for 2012. Phillips hit .288 with 30 home runs, 94 RBI and 32 steals in 2007.
The new contract includes a $750,000 signing bonus and salaries of $2.75 million this year, $4.75 million in 2009, $6.75 million in 2010 and $11 million in 2011. The Reds have a $12 million option for 2012 with a $1 million buyout, and if Phillips is traded, the option becomes mutual option.