I like the idea of using some restraint and patience. We need to make sure we don't budge on our offer for a deal to Bedard or Blanton. We can not get con-ed out of our farm because Wayne wants to keep his job or because we want to put a winner out right now. We also need to realize that by chance one of Cueto or Bailey won't pan out.
(Bailey has all the tools and a non taxing arm motion but he reminds me of Adam Dunn in that baseball and winning is not very important to him. Cueto has a huge ceiling but anyone that has seen him thinks the same thing, that he will be hurt)
Step 1 should be signing a Leiber/Colon/Prior/FreddyGarcia/etc type and making sure we do not have to resort deep into our farm system for pitching (Maloney, Cueto etc... If they are ready bring them up but if they aren't do not rush it.)
Step 2 should be figuring out some of our roster log jams.
C- I like the idea of signing Johnny Estrada at catcher for two years or trading for a decent hitting catcher. Ross is great defesively and would be a very good backup.
1b- Votto needs to start at 1st base everyday.
2b- Phillips at 2nd
ss- Gonzalez with Keppinger doing fine backup work. (We should look into finding a SS for the future whether its through the draft or trading our OF glut.
3b- EE with Keppinger helping out
LF- Dunn
CF- Freel/Hamilton/Hopper(Deal the one that gets the most, most likely Hamilton.
RF- Griffey
SP- Harang/Arroyo/Belisle/Bailey/a FA type.
Pen- Cordero closing with Weathers/Burton/Bray/Stanton/McBeth/Majewski/Coffey
Step 3 is making sure that our bullpen will hold up. I would not be against trading away on of our OF for another arm in the pen. I like Bray, Coffey, and Majewski to bounce back however.
Step 4 comes in the season. Wether or not we are in contention I think it would be a good idea to trade Griffey if he stays healthy.  He could bring us in a few very solid prospects from a contender that needs a bat. If Phil Hughes/Jon Lester/ or other top prospects right now don't look as good during the season next year we could swoop in with Junior and land one of them.
Step 5 will come if we are in contention and need to add an extra player or two. I hope Stubbs has a good year in the minors because he would be great bate as I would bet he won't be too impressive as a pro.
I feel like this team could contend for next year and the future. Cueto/Bruce/Bailey could all easily be named untouchable and I feel it would not do any harm to our chances to contend next year. Yes a dominant starter would be nice but I don't think Bedard is that safe or Blanton is that good. We also need to make sure we keep focused on the June draft because that is how we got Bruce and Bailey among others and it will continue to roll out players as long as we choose the right guys.