The Dodgers and Reds have announced a long-rumored blockbuster that will shift around a variety of notable players. Veterans Matt Kemp, Yasiel Puig, and Alex Wood are all heading to Cincinnati, along with catcher/infielder Kyle Farmer and $7MM. Meanwhile, righty Homer Bailey is going to Los Angeles, accompanied by young righty Josiah Gray and infielder Jeter Downs.

Financial factors obviously weigh heavily here. Kemp is earning $21.5MM in the final year of his contract, while Bailey is earning $23MM — in addition to a $5MM buyout on his 2020 mutual option. Bailey, though, only represents a $17.5MM hit for luxury tax purposes, while Kemp is a $20MM CBT piece. The Dodgers’ cash and luxury tax savings are boosted yet further by moving Puig and Wood, though certainly both of those players are positive-value assets, even as they enter their final seasons of arbitration eligibility. MLBTR and contributor Matt Swartz project that Puig will earn $11.3MM while Wood will end up with a $9.0MM salary. Net it all out, and it seems that the Dodgers will take on $28MM in new obligations, plus the $7MM they’re covering of the old ones, while sending approximately $42MM to the Reds, who’ll end up taking on only ~$7MM in total new salary in the deal. In terms of the luxury tax, L.A. will trim its tabulation by around $16MM (as above, depending upon the final salaries for Wood and Puig), though obviously the actual tax savings will only be a percentage of that amount.