Re: Homer to AAA? the pen?? Arroyo to the Angels???
If the Reds could get a first tier prospect plus a serviceable emergency starter for Arroyo I would take it and take my lumps with Owings and Bailey -- for better or worse. Arroyo has been up and down for the Reds and right now would seem to be at peak value with his strong finish last season. The Reds are going younger, cheaper, more athletic and need to keep piling on those good young prospects. I doubt the Reds will re-up both Harang and Arroyo after their contracts end.
The other alternative is to keep Homer at AAA and hold onto Arroyo and Harang until the trade deadline, then see what happens. But given Homer's good spring and Arroyo's current good value, it may make sense to pull the trigger.