CINCINNATI -- It appears that Joey Votto's tenure as a generational player for the Reds is coming to an end.

Cincinnati declined to exercise a $20 million club option, it announced on Saturday, and elected to pay the longtime first baseman a $7 million buyout.

"With where we are, looking at our roster, playing time, how that affects us moving forward, I think it made the most sense for us to decline the option," Reds president of baseball operations Nick Krall said.  

At the end of the 2023 season, the 40-year-old Votto completed the 10-year, $225 million contract extension he signed with Cincinnati in 2012. Over 65 games this season, Votto batted .202 with a .747 OPS, 14 home runs and 38 RBIs.

Meanwhile, the Reds' rebuilding program introduced several young players to the roster -- including infielders Elly De La Cruz, Matt McLain, Noelvi Marte, Spencer Steer and Christian Encarnacion-Strand -- to go with holdovers like Jonathan India. Of that group, both Encarnacion-Strand and Steer play first base.

According to Krall, financial considerations did not drive the decision to move on from Votto.

“We don’t have a spot for him to play right now," Krall said. "We don’t have at-bats for him. We need to get other players at-bats, so that’s where the decision was.”

• 12 moments that made Joey Votto's career special

A second-round pick in the 2002 MLB Draft, Votto made his Major League debut with the Reds on Sept. 4, 2007, and notched his first career hit the following day -- a solo home run against the Mets. It was the first of 356 homers the lefty hitter connected for during his Reds career.

• Votto on time with Reds: 'It’s been so special'

As a first-time free agent, Votto is free to negotiate with the other 29 clubs but is also able to return if he and the Reds can make a deal. But that appears unlikely at the moment.

“I’m not closing the door on anything. I just think with the players we have on our roster right now, there’s no playing time," Krall said. "We’ve got to figure out how to get playing time for some of these players to keep moving forward. I think that’s where we are right now. It’s not there.”

Krall said the decision was made earlier in the week after consultation with Reds chief executive officer Bob Castellini. Votto was in Spain when he was informed by Krall on Thursday morning that his option wasn't being picked up. Votto was given a couple of days to tell family and close ones before the club made it official.

Over his 17 seasons -- all with Cincinnati -- Votto is second all-time in franchise history in homers, doubles (459) and OPS (.920), first in walks (1,365), third in runs (1,171), fourth in hits (2,135) and fifth in games played (2,056).

Votto, the 2010 National League Most Valuable Player, is a six-time All-Star and won his lone Gold Glove Award in 2011. He nearly won a second MVP Award in 2017, when he batted .320 with a 1.032 OPS, 36 homers and 100 RBIs, but he finished second -- just two points behind Miami's Giancarlo Stanton, who hit 59 home runs that season.

The 2019 and '20 seasons were marked by waning production and, for the first time in his career, a benching from manager David Bell in late August 2020.

A resurgence came in 2021, when Votto collected 36 homers and 99 RBIs. Votto also homered in a franchise-record seven consecutive games, one shy of tying the Major League record.

A career-worst 2022 season was halted after 91 games when Votto had surgery to repair a torn rotator cuff and biceps in his left arm. He continued to deal with the shoulder's limitations this season after making his '23 debut in June.

Last month, Votto told radio host Dan Patrick he would like to play at least one more year, but there currently is not a clear market.

A native of Toronto, there potentially could be a chance for Votto to play for his hometown Blue Jays with the possibility that first baseman Brandon Belt may retire. 

"It would be tough to have [Votto] as just a pinch-hitter bat off the bench with the way our roster is constructed right now," Krall said. "I respect whatever he wants to do next. If he plays in another uniform, that’s going to be tough to watch. If we don’t have that playing time here for him, then I understand why he’d want to do that as well.”

Over his tenure with the Reds, Votto truly connected with the community. Usually without media attention, he worked with RBI baseball and softball players at the P&G MLB Reds Youth Academy. He also quietly visited patients at Cincinnati Children's Hospital and often fulfilled requests from Make-A-Wish.

"He’s been influential in the community, in the clubhouse. Everything he’s done has been first class, and this was a tough decision," Krall said. "There was a lot of conversation about the decision, about where we wanted to go and what we wanted to do. We just felt this was the best decision for us. But as a person, you couldn’t have a better person than Joey Votto.”