This offseason the Reds could have had their choice of players as good as Dye without giving up Bailey. Dunn, Abreu, Burrell and Ibanez were all available to anyone that wanted them. Their salaries are roughly comparable to Dye's and wouldn't have cost us Bailey.
The reason those guys were not brought in was the Reds didn't want to pay them. That is the same reason the Dye-Bailey trade fell through. Bailey wasn't the deal breaker -- it was money.
The Reds decided to slash payroll at the expense of fielding a complete major league baseball team. Profit was more important than winning. As usual.