The Reds are contenders next year when healthy. If they upgrade LF they are a legit playoff team.
The teams organizational strength is starting pitching but no one is quite ready yet and no one on the farm is pitching to 1 or 2 quality results despite having one or two quality stuff. (Lorenzen may be an exception) Given that, I wouldn't trade either Cueto or Latos. I'd go hard to resign one of them. Either one. And have both pitch for the Reds in 2015. The Reds have a legit chance to compete and these guys are legit top of the rotation arms. No ifs ands or buts about it. Bailey anchors the middle of the staff and will give the Reds solid results. The next two guys are the guys are the ones that I'd consider shifting roles or moving. I'd like to see Simon back in the pen. This years pen has two major groups, elite guys you trust, and, guys you have no idea what they'll give you. Simon would be a great in between those two groups. A guy that could come in either early or late in the game and pitch to good results. A guy that Price could use with confidence to fill in for a back of the pen arm while being able to use in other situations too. Perhaps Cingrani could be used in the same role if Simon stays in the rotation. If a pitcher has to be moved to free up money for or to acquire a LF IMO it should be Leake. A prospect would most likely be able to closely perform on the same level as Leake and Leake could bring a decent return.
At the end of the day the 2015 Reds need both Latos and Cueto at the top of the rotation. Sign either one long term. Ride the other in 2015 and give him a qualifying offer. By the end of 2015, one of the more elite prospects could be ready to step in and take his place the next season while a lower level prospect who is closer to the bigs, maybe Iglesias or Cingrani (already has MLB time) could establish or re-establish theirselves as a MLB pitcher in Leake or Simons spot from this year.