Reds have two major needs, as I see it, closer and left fielder.
Madson is the one player on the market who can make a big impact on the ballclub at one of these positions. That's why I'd try to sign him.
The other free agent closers and outfielders are perhaps past their prime or guys who haven't done that well recently. As for another major trade, the Reds don't have that much to offer, unless they are willing to gut the remaining farm system.
The one player out there, at either position, who looks to be a real upgrade is Madson. Adding him to the current bullpen would be a major coup for the Reds, would really give it a strong bullpen, deep, with power arms to close out games.
Even if it means a lesser player in left field (or as an infield reserve), I'd spend Bob's money to get the quality guy in Madson.
I've been a big supporter of Cordero. I have always been glad the Reds gave him the big contract to sign. But I'm just not confident, at this later stage of his career, that Coco is the best alternative to close games. I may be wrong, folks have doubted him before, he has been a true closer in every sense. But nobody lasts forever and I would be concerned if the Reds go in his direction again.
If the Reds do get Madson, I think there would be tremendous excitement around the ballclub. And, of course, the number of Redszone posts would grow, which is even more important.