This story was excerpted from Mark Sheldon’s Reds Beat newsletter. To read the full newsletter, click here. And subscribe to get it regularly in your inbox.

CINCINNATI -- The General Managers Meetings were held this week in San Antonio. While baseball executives were all gathered in one spot, many agents were too.

Historically, many of the winter moves made by the Reds began at the GM Meetings in the form of exploratory talks or early negotiations before eventually reaching a deal later in the offseason. President of baseball operations Nick Krall planned to touch base with as many clubs as possible to see what they needed and who they were willing to part with.

With the help of MLB.com reporter Martín Gallegos, who was on the ground in Texas, here are some items of note.

1. Big decision looming for Martinez
When the Reds made the $21.05 million qualifying offer to free-agent pitcher Nick Martinez, some eyebrows were raised. Had he not opted out of his contract, Martinez would have made $12 million in 2025. Subsequently, Cincinnati would be giving a large raise without a large budget to fill other holes on the roster.

“We’ll wait and see what happens there," Krall told reporters.

If Martinez accepts, he would rejoin a rotation that has Hunter Greene, Andrew Abbott, Nick Lodolo and Rhett Lowder (Reds' No. 2 prospect, No. 33 overall). That would keep some stability in the starting five after Martinez was 10-7 with a 3.10 ERA in 42 games, including 16 starts. In 11 starts after returning to the rotation full time on Aug. 5, he posted a 2.42 ERA.

Those kinds of numbers and reliability cost money. Remember, the Reds paid $16 million to sign free agent Frankie Montas last winter after he missed almost all of 2023. Montas had a 5.05 ERA in 19 starts before Cincinnati traded him to the Brewers on July 30.

If Martinez -- who turns 35 in August -- accepts the offer, it's a one-year contract so there would not be a big long-term commitment.

Martinez has until 4 p.m ET on Nov. 19 to accept or decline the qualifying offer. If he declines and signs elsewhere, the Reds get a compensation-round Draft pick. But they would still need to find a starter somewhere to bolster their rotation.

"He's been offered multiyear contracts, obviously," Martinez's agent, Scott Boras, told reporters. "The pitching market today, I think last year was more focused on the relief market. This year is very clear that it's very focused on the starting market. In order of operation, I think the starters will be going quite quickly. I don’t know if [accepting] is a decision that Nick and I have made yet. We've got a good period of time to look at it. We’re right now just receiving offers on him on a multiyear basis from other clubs."

2. The middle-infield situation is fluid
Much like last winter, the Reds have a lot of players for limited infield spots -- especially up the middle. Second baseman Matt McLain will be back after missing all of 2024 with a left shoulder injury. There will also be Jonathan India, who was the second baseman the past four seasons, All-Star shortstop Elly De La Cruz and Edwin Arroyo (Cincinnati's No. 3 prospect, No. 65 overall).

Incidentally, all four players are represented by Boras.

"They certainly have a surplus of middle-infield talent that most organizations don't,” Boras said. "As to where these players play, I’m sure those are Spring Training decisions or how they look at it. They’re really outside my sphere."

It seems notable that McLain has gotten time in center field with Glendale in the Arizona Fall League. However, that was more about getting him playing time and at-bats after a lost season.

"He played out there in college so we knew he could do it," Krall said. "India has played some left. He’s played some third in his career. He plays second. He played some first base at Spring Training last year. I think we have options. It’s just trying to figure out how to maximize those guys out there.”

As for Arroyo, he only has played shortstop. But Krall tempered expectations of his big league ETA since the 21-year-old missed all of last season recovering from left shoulder surgery after a Spring Training injury.

"He only has 80 at-bats above A-ball, minus the [Arizona] Fall League this year," Krall said. “Let’s just get him some at-bats and figure out where he is health wise and we’ll go from there.”

3. There isn't a payroll budget for 2025 yet
“Still working through it," Krall said.

4. Stephenson contract?
Catcher Tyler Stephenson is eligible for arbitration for the second time this winter. After a solid offensive season (.258 with a .782 OPS and 19 home runs) and improvement on defense and pitch calling, could Stephenson be a candidate for a multiyear contract?

“We haven’t discussed it, but we also haven’t really dug into the arbitration process," Krall said.