Ryan signed with Cincy last winter hoping to parlay another strong season . Because of the syrgeryinto a LTC. Sadly, as we now know, things didn't work out that way. Because of the surgery, the market for him probably won't be as strong as he hoped. The Reds won't get any draft picks if he walks after this season.
If reports on his recovery are strong, would you want to a) offer him another one year deal? 2) offer him a discounted two-year deal (plus option) with the first one mostly incentive-driven? or 3) let him walk and go another direction for closer?
Personally, I'd try to keep around for at least one more season and finally move Chapman to the rotation.