Gray and minor-league left-hander Reiver Sanmartin were dealt to the Reds in exchange for infield prospect Shed Long and the Reds' 2019 competitive balance Round A draft pick (36th overall).
As part of the trade, Gray signed a three-year extension with the Reds that also includes a club option in 2023. The deal is reportedly worth $30.5 million and also includes the $12-million club option, plus numerous escalator clauses and annual bonuses for innings pitched, a source told Ken Rosenthal of The Athletic. The sides had been granted a window to negotiate the extension over the weekend.
Gray would've become a free agent after this season had he not agreed to the extension. He'll earn $7.5 million in 2019 after avoiding arbitration with the Yankees.
In Cincinnati, the 29-year-old Gray reunites with Derek Johnson, his former pitching coach at Vanderbilt. The Reds hired Johnson in the same capacity this offseason and are surely hoping that he can help return Gray to his former All-Star self following a tumultuous spell in the Bronx.
Gray posted a 4.90 ERA, 1.50 WHIP, and 4.17 FIP over 30 appearances with the Yankees last season and finished his year in the bullpen as a result of his struggles. But while he had issues performing at home, Gray was a different pitcher away from Yankee Stadium in 2018 - perhaps showing the Reds that he just needed to escape from New York.
Long, who heads to Seattle, was ranked as the Reds' No. 7 prospect by MLB Pipeline. The 23-year-old second baseman slashed .261/.353/.412 with 12 homers, 22 doubles, 56 RBIs, and 19 stolen bases over 126 games at Double-A Pensacola last year.
To make room for Long on the 40-man roster, Seattle designated infielder Kaleb Cowart for assignment.
Sanmartin, the other piece headed to Cincinnati, pitched at four levels in the Yankees' system last season, including one start at Double-A. The 22-year-old Colombian posted a 2.81 ERA and 1.03 WHIP with 58 strikeouts and four walks over 13 total appearances (10 starts) in 2018.
In exchange for flipping Long to Seattle, the Yankees receive Stowers, who was the Mariners' second-round pick last June and had been ranked as their 10th-best prospect by MLB Pipeline. In his first professional season, the 21-year-old hit .260/.380/.410 with five homers, 20 steals, and 37 walks to 57 strikeouts over 58 games at short-season Everett.