23 points is really nothing. you are missing the bigger picture.
I see Frazier as a sophomore slump one year removed from an .827 OPS. Can he rebound? .261 .316 .523 .839 this past September. Small sample to be sure, but he's athletic. I see a huge rebound for him back to a lower to mid .800 OPS and an increase in HR's to the mid 20's. Todd had 0 HR's in May and only 1 in July. that's clearly an aberration. his average the other four months was 4.5. I can see him hitting 26 HR's next year.
Meanwhile Sandoval keeps getting bigger. He'll be 27 next year, age prime year, but his OPS last year was over 150 points lower than two years ago. He's not getting smaller. He's not gaining speed. And he'll be worse defensively next year if the weight doesn't come off. And honestly, how much of 262 do you expect him to lose over the winter?
Panda makes ZERO sense for the Reds.