The negotiation period for Tanaka ends on January 24. Presumably he signs at that point or thereabouts.
Once Tanaka signs it will likely lead to the FA signings of Garza, Jimenez, Santana and Arroyo.
So these free agents (some major) will be signing quite late in the off-season.
What's the impact on the Reds?
Any Bailey signing could be influenced by these signings. You'd think that some of these FA signings will be quite rich and could result in Bailey's price tag going up.
If the Reds are considering a Bailey trade then the Tanaka signing could open up the field. A team that loses out on Tanaka could try to trade for Bailey.
Right now the FA market (whatever's left of it) seems at a halt. Trade market too. Looks to me like we're in for one more major round of activity once Tanaka signs.