Since there is no veteran top starter coming in, I would immediately install the Reds top high minors level pitchers into the rotation. And a couple in the bullpen.
My rotation -- Harang, Arroyo, Volquez, Bailey, Maloney. If Affeldt has a great spring, he can have Maloney's spot and Maloney can start at AAA.
My bullpen -- Cueto, Bray, Stanton (due to contract), Weathers, Burton, Cordero, and long man Belisle. If Affeldt in pen, I'd find a way to move Stanton.
If the Reds aren't going to acquire more high level veteran pitching, then let's get going with the high upside youngsters. Find a way for Cueto, Bailey, Volquez, and Maloney all to be with the team.
And I'll take it even further. Other than Cordero and Burton, I'd watch my relievers carefully and be ready to go with Pelland, Roenicke and Viola very soon.
If the Reds are going to compete, they just need better talent on the mound. Let's get the talent up to the major leagues now.