I don't view Infante as much of a downgrade from Phillips TBH. They're pretty similar with the stick and Infante is also an above-average defender. I highly doubt Infante will get 4/$50M. And they're the same age (in my mind, this analysis shows just how overrated of a baseball player Phillips is).
The idea is that the Reds are going to tread water at 2B, lose on Choo (but not as badly as throwing Hamilton to the wolves) and get a net gain somewhere else.
All that said, I'd trade Chapman before Phillips...
If you think the situation's that bleak, then just blow it up and rebuild.
Baseball isn't a magic trick ... it doesn't get spoiled if you figure out how it works. - gonelong
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