The Cincinnati Reds exercised a 2012 contract option on second baseman Brandon Phillips while declining closer Francisco Cordero's $12 million option for next season.
Phillips hit .300 with 18 homers and 82 RBIs in an All-Star campaign last season. The club will pay him $12 million next season but hopes to work out a new multiyear deal with the two-time Gold Glove winner.
Cordero becomes a free agent after the team decided to pay his $1 million buyout. He converted 37 of 43 save opportunities last season, including 20 of 21 after the All-Star break.
The 36-year-old Cordero, who signed a four-year, $46 million deal in 2007, is 12th on the all-time saves list with 327.