Yep. By adding Bedard and factoring in the loss of a Bruce/Cueto, the Reds would've started the season maybe 6-7 games worse than the Cubs talent wise this season instead of the 9 that it looked like they were.
The Cubs would've basically just nullified that one year "gain" with this trade and the Reds would basically be nowhere fast with the cupboard bare....
Going for broke early when you don't have the stamina to finish the sprint is a sure way to lose the race.