This AP story suggests that the Pirates are unloading Mark Redman's salary. [UPDATE: Confirmed by Dejan Kovacevic.] Since that's true, this is a great deal. If in fact the Royals are paying for Redman, then the last 24 hours amounts to:
Sean Casey ($8.5 million)
Jonah Bayliss ($350,000)
Player to be Named
$2 million from Reds
Mark Redman ($4.5 million)
Dave Williams (about $1.5 million)
All this means that the Pirates only take on about $1 million in salary total from these two trades, which won't prevent them from spending if they want to. This wouldn't be as good as just making the Redman trade in isolation and having even more money to deal with, but I feel a lot better than I did yesterday.
By the way, posters at Baseball Primer are speculating that the player to be named in the Redman deal will have something to do with the Rule 5 draft tomorrow. The Royals have the top overall pick, whom they might pass on to the Pirates once the Pirates get someone like Josh Fogg off their roster to make room.