Votto projects at something like a 2 WAR deficit relative to his guaranteed money. His substantial subjective value to the Reds, the upside potential given what he showed last year after fundamentally changing his approach, and the likely inability (or unwillingness) to replace his production (especially in light of our precarious relation to being competitive) makes it make very unlikely and, IMHO, unwise for the Reds to trade him. I don't think you can understate the damage to the brand that would happen -- especially in light of the Bengals finally getting off the playoff schneid.
The upside of trading him is basically non-existent. There's no scenario in which you're getting real long-term surplus value coming back. There's basically no scenario in which it makes the team more competitive in the short run. And it would infuriate a fan base that already has a shaky opinion of ownership.