More amusing is that the Reds convinced the Diamondbacks to pay $2 million of the $4 million remaining on Dunn's salary. The response to that argument is that if the Diamondbacks don't resign Dunn, they'll be rewarded with 2 draft picks. But to receive the draft picks, they must offer him arbitration, which he could accept, potentially costing the club close to $15 million in 2009.
This is a great move for the Reds, who save themselves $2 million and get a pitcher with a lot of potential in Dallas Buck (although he had Tommy John surgery after college). Buck was drafted in the third round of the 2006 draft, after leading Oregon State to a national championship, and is currently pitching in high-A ball. Arizona also gets two players to be named later, one of which is supposedly an "MLB ready starter."
UPDATE: the "MLB ready starter" is Micah Owings, according to several industry sources, however he won't be "named" until after the season because he was claimed by several other teams.