If they make a deal for a TOR starter or a LF slugger, Phillips might be too cost prohibitive to keep.
As to whether either Rodriguez or Torreyes will be ready, none of us know that for certain. Rodriguez is now in AA. If he hits well the rest of this season (and he's done nothing but hit well since signing) and half a season next season, he'll be ready enough. He won't be Phillips offensively, certainly, nor defensively, but he'd be around league average. Perhaps more.
Torreyes is a wild card. He's hitting 400 right now in low A. Defensively, he'd be nearly Phillips' equal next season, perhaps better. Offensively, he'd be horrid. But I'm guessing-- by aggressively promoting him this season AND next-- Torreyes, as a 20 year old rookie, would be above average as a second baseman.