Unless I'm missing something, it looks like the Reds will re-sign Coco at a relatively cheap rate (maybe 1-year, $5 million) or make a big splash and sign the best FA closer left on the market, Ryan Madson.
There are other options out there like Brad Lidge, but I bet the Reds either re-sign Cordero or use the money they have left to sign Madson. One big key is whether there are other teams actively looking for a closer. How many competitors do the Reds have on the open market? It feels like a buyer's market and the Reds should end up getting a decent bargain, but I could be wrong.