There is so much talk - "sources," actual quotes from Klentak and Kapler - about the Phillies doing nothing with the rotation (except a mid-level or a one-year guy) that I have to assume it's all posturing and they're gonna land a big fish in the end (whether it's a trade or FA).
That said, what is the difference between a pillow deal and a straight-up one-year deal? If their choice is Jake Arrieta for one year or Andrew Cashner (or hey, Jeremy Hellickson) for one year, wouldn't you want Arrieta, especially given the chance that he doesn't opt out (if he repeats his 2017 he probably wouldn't, but would still be a decent piece). Plus he would at least be amenable to a renegotiation/extension (as happened with Cespedes).
How much worse would that even be than giving up three prospects for two years of Gerrit Cole?