Jamie Ramsey over at Better off Red gives a list of Reds who are out of options:

Jose Arredondo
Bronson Arroyo
Homer Bailey
Bill Bray
Miguel Cairo
Carlos Fisher
Juan Francisco
Nick Masset
Brandon Phillips
Edinson Volquez

Couple of names that immediately stick out?

Juan Francisco: I think this assures that, unless he’s part of a package this winter, he’s the backup to Rolen at 3B next year. If he’s out of options, he’ll never pass through waivers to go back to AAA, so he’s on the big club. If so, what’s the point in also having Miguel Cairo? Also probably doesn’t bode well for Todd Frazier, either.

Edinson Volquez: This means the Reds HAVE to make a decision on him. Either he’s in the rotation next year, or they trade him to anyone for basically anything. He’s another guy that has no chance of getting through waivers, but I’m not convinced he is one of the 4-5-6 best starting prospects on this team right now. I’ve run out of patience with him.

Arredondo and Fisher are also maybes for next year too, but they’ll need to make the team in ST or they’ll be released. Both will find jobs elsewhere if they’re released by the Reds.