Bob C & the Reds have to spend some money and take some risks if they want to compete. The 2006 & 2007 free agent classes were/are fairly weak. Subtract the guys who want to play on the coasts. Subtract the guys who resign with their current team. Subtract the guys who only want the huge huge money ( ie Zito, etc ) who were never going to come to the Reds.
When you look at the pitchers left Cordero is one of the best if not the best. So the Reds got IMO the best pitcher likely to come here.