IMO, here's the play: Sign Cisco and Waldrop now (although I still think the Reds won't end up signing both.) If Mesoraco goes in a trade for Lee or someone else, or he stops hitting, shell out for Grandal. Otherwise, hold firm on the offer and pick up an extra first rounder next year if he doesn't sign.
On a side note, I'm surprised Mugarian hasn't signed by now. Any word on that?