Dustin Hermanson was asked by the Cincinatti Reds to go down to AAA. He said he wouldn't pitch for AAA and he was released. Hermanson was thought to be the leading canidate for the 9th inning job but a lousy spring forced the Reds to either demote him or release him. The simple truth was he wasn't pitching well enough to make the team despite his 2005 season when he helped the White Sox win the World Series as the closer. Last season was almost completely lost to injury and he still hasn't returned to anywhere near the 2005 form. It is likely he will sit out the season and may announce his retirement. It didn't seem like there were many teams vying for his services before and if he is unwilling to pitch in the minors I don't see anything happening. Perhaps Cleveland might have some interest in him? Whatever the case may be, if you picked up Hermanson...drop him.
Additionally, avoid the Reds closer job at all costs. It looks like its going to be another messy closer by situation.