Yeah, what I find peculiar about that story is that surely the idea of extending Reynolds could have come up again over the winter, but we don't have any knowledge of that. I guess there are extenuating circumstances with a shorter spring training and so on, and I guess it's also good that he doesn't want negative perception around Reynolds, but absent actions, it's a moot point.
Avoiding arbitration would be nice, and even doing so with a two-year deal that builds in a raise would be a fine show of confidence, but long-term it wouldn't mean anything other than hoping that going an extra mile to avoid arbitration builds some continuity to turn the deal into a longer one.
It's hard to think that a significant long-term deal could be hammered out in very short order. His UFA years are going to cost a fair bit. It might come down to what the differences are for Arb 3 and Arb 4, as well as exactly how many UFA years both sides want to put in a deal. You have to figure that another excellent 2022 season would widen these gaps much more, and my sense is actually that the front office thinks Reynolds won't quite repeat his 2021 season.
I don't see any reason to doubt Reynolds' skills, but even if he's something like a very good 3.8 WAR player, that's a far cry from another top-10 type finish. A season like that and it's going to take a huge commitment to keep Reynolds around beyond arbitration (setting aside the likelihood of a trade). The one thing that's easy to discount from an armchair perspective is that for some players, guaranteed money still trumps all, even if waiting could generate more guaranteed money. For example, if Reynolds gets hurt this season and is only solid or so-so in 2023, his prospective earnings are seriously dampered. It's easy to toss around hypotheticals in this direction or the other (he repeats 2021 and then looks like an MVP-type threat at age-28 who plays one of the most important positions), but they are what a player is forced to consider while looking at huge money on the table.
Just as a back of the napkin, most team friendly possibility, let's say 7 years, 110M, buying up his three UFA years: 5, 9, 14, 18, 20, 22, 22. Those arbitration raises are guarantees that get up to and eclipse the height of what Bryant was getting in arbitration (~13 and ~13.5), and aren't way off for what OFs can get in free agency. On the other hand, if you look at free agent deals, maybe Reynolds could be in a position to command something like 6/120M when he hits free agency. Add more conservative arbitration estimates, and it maybe brings up the total earnings to 155M.
That's a pretty big gap, but 110M is still a lot of guaranteed money to turn down and a lot can happen in 4 seasons before free agency. All told, though, it would be shocking if Nutting turned around and topped the Hayes contract in a matter of days or weeks (even at a team friendly option, where, it should be added, nothing still prevents the team from not actually paying the higher AAV years... something also true in Hayes' case).
Best case is probably avoiding arbitration and it being labeled an exceptional circumstance due to the lockout and owner intervention (so as not to trample on the otherwise cheap-MLB-owner-serving of file-and-trial).