For all the money getting spent this offseason, deferred salary is all the rage.

Recent free-agent signings by the Dodgers, White Sox and Cubs included deferred money, and the Reds’ three-year, $35 million extension of right-hander Bronson Arroyo was particularly unique.

Arroyo will receive $6.5 million in 2011 and $7 million in ’12, according to contract information obtained by FOXSports.com. His 2013 salary is $18 million, but all but $3 million will be deferred without interest.

The players union, accounting for the deferrals, says the present-day value of Arroyo’s deal is $28.9 million. The Reds did not award Arroyo a no-trade clause, but his deferral will be voided if he is traded, meaning he would get all of his money up front.

Thus, Arroyo effectively received no-trade protection; it’s extremely doubtful any club would be willing to pay him in $18 million in ’13. He also will gain the right to block any deal next season as a player with 10 years of major league service, five with the same club.

Arroyo, 33, accepted the deferrals because of his desire to stay in Cincinnati, according to a source close to him. He and former Reds right-hander Aaron Harang also restructured their contracts before the start of last season, giving the club additional financial flexibility, a second source said.

Third baseman Scott Rolen did the same thing when he signed a two-year, $13 million extension in December 2009. Right fielder Jay Bruce’s new six-year, $51 million contract does not include deferrals, the second source said.

Bruce’s terms are similar to those the Diamondbacks awarded right fielder Justin Upton last March, but actually amount to a better deal for the club.

Bruce’s contract includes four arbitration years and two free-agent years. Upton's deal covers a less lucrative time frame - his final non-arbitration year, plus three arbitration years and two free-agent years.

–Ken Rosenthal