The Reds don't appear to be big players in the free agent market this year. I don't see them signing any of the big names unless you count Joe Beimel, which I don't. If they do go for a big "name" it should be Randy Johnson on a one-year deal with an option. They saved a ton of money with Jr. and Dunn off the books and could use some excitement for next year. Watching the Unit go for 300 would fit the bill and give the Reds a southpaw in the rotation. The best part of Johnson is that he's either pitching well or injured. He never pitches poorly.
My free agent target would be Juan Rivera. The Reds need some right-handed pop and he's got that in spades. He'll be cheap, too, after coming off of partial seasons due to injury (broken leg suffered in the winter ball last year). Put him in left and give him 600 AB's and I bet he hits 30 home runs playing half the year at the GAP.