Homer is a year closer to FA so the decision needs to be made quickly on trying to extend him now. He is getting expensive, very quickly...
I'm on record of being on board with Leake if the Reds can get him to a very reasonable contract to buy out years 1-2 of FA in 2016 and/or 2017. Probably a year early on this decision for Leake, but thinking they might be able to get a club friendly deal for '16 and '17 in exchange for guaranteed money. Poor roster management last year when he went to Louisville and was called up early caused Leake's FA year to move up from 2017 to 2016. I just think he will be a solid #3 kind of guy, durable, great D and offense, efficient PA/IP with occassional (but not unrealistic) upside to outduel a Matt Cain or RA Dickey when needed with a gem.
Leake as a #5 going forward for the Reds staff (worst case) would not be a bad floor for the rotation. Assuming Cueto, Latos anchor the top.