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11/22/11 6:27 PM EST

Cordero, Hernandez now Type B free agents

Status of closer, catcher changes due to new Basic Agreement

CINCINNATI -- Because of the new collective bargaining agreement reached on Tuesday, the Commissioner's Office and the Major League Players Association agreed to alter the Draft pick compensation rules on five Type A free agents.

That includes Reds free-agent closer Francisco Cordero and catcher Ramon Hernandez, who will now be treated as Type B players for compensation purposes. Three other players, relievers Matt Capps, Octavio Dotel and Darren Oliver, were also granted Type B status.

Both the player and the club gain benefits. For the Reds, it means they no longer have to offer Cordero or Hernandez arbitration to receive Draft pick compensation should they sign elsewhere. It was highly unlikely the Reds would have offered either player arbitration under the old rules.

As for the players, clubs that might want to sign Cordero or Hernandez no longer have to relinquish a first-round pick as Type A compensation under the old system. This should make them more attractive to another team who might want to sign them.

Mark Sheldon is a reporter for MLB.com. Read his blog, Mark My Word, and follow him on Twitter @m_sheldon. This story was not subject to the approval of Major League Baseball or its clubs.