I'd rather have Latos anyway. I never saw a way for the Reds to keep both Latos and Bailey, while still having money for offense. Latos, Stephenson, Cingrani and Leake has the potential to be a very good rotation in 2016.
A team like the Reds needs to build from within, while keeping a few key pieces. If they are unable to build, quite frankly, they don't deserve to win.