The Reds aren't going to be fixed in a single off season. There are holes in this lineup you could drive a very large truck through.
Votto - Often sited as part of the solution, but his OPS this year (.793) is dead last in the NL among qualified first basemen. He needs to take a very large step forward offensively just to be average, and his career .861 MiL OPS doesn't exactly scream superstar.
Phillips - Average relative to the league offensively, above average relative to position (9th out of 19 qualifiers in MLB). Excellent Defensively, excellent overall.
Keppinger/Gonzalez - Kep's OPS this year is an atrocious .657. His defense is a festering blight on the team. Gonzalez is a career .694 OPS hitter coming off of a major leg injury.
Encarnacion - Above average offensively (9th out of 20 qualifiers in MLB in OPS), but, unfortunately, he can't really play the position defensively. His fielding % and zone rating are among the worst in the league, and his last two years say that is no fluke. At some point the Reds need to accept that EE is simply not a 3rd baseman. At 1st base/LF where he belongs, his bat doesn't look nearly so good (his OPS would put him 12th out of 20 qualifiers in LF).
As a special note, Kep and Encarnacion combine to produce perhaps the worst left side infield defense in Red's history.
Hannigan/Bako - Bako's OPS is .629. Let me repeat that, .629. One hopes he is either gone next year or relagated to a backup role. Hannigan has shown good minor league on base skills, but absolutely zero power (His career MiL OBP is GREATER then his .SLG, a rare feat indeed). With no power it is an open question if his on base skills will translate to the majors. On the up side, he likely won't be worst then what we've been running out there.
Hairston (LF) - Career .695 OPS in 11 seasons (we aren't lacking for sample size here). Extremely fragile. I expect Encarnacion to actually be here next year.
Dickerson - Getting his first taste of the big league at the age of 26 on the strength of a .863 OPS year at AAA that he produced essentially out of thin air (his lifetime MiL OPS is .775). We'll see what we've got, but if he's anything other then average he'll be bucking the odds.
Bruce - .755 OPS as of today. We all hope he is going to develop into an elite player, but when (and if) that happens is anybody's guess. Goodness knows we don't like to think about it, but what if he is Austin Kearns redux instead of Larry Walker?
To compete in the near future (and I'm not just talking about next year) we would need a catcher, a SS, an very good corner bat, essentially every single youngster to take a large development step forward, and continued good health from out young pitchers.
I hate to be a buzzkill, but there's a better chance I hit the lottery then the Reds competing next year and the year after that. There's a better chance that the offense is going to be Washingtonian-type bad the next few years.
I haven't even touched on the pitching, because I think there is long term talent there, but this year? 27th in MLB in runs allowed.
Good luck Walt, I'm rooting for you.