We can't afford MadBum. Not sure we can even afford Keuchel or Miley. Smyly or one of the one-year, slightly-over-the-hill guys seems more likely.
Smyly may have offers, we won't know until after the Rule 5. What I still like about him is he can also relieve. Seems to me the Phillies still have to find $4-5 million for a free agent reliever too, though I guess if you assume every reliever is a crapshoot may as well just go with the cheap ones.
That said, if the payroll is actually as tight as these reports are implying, maybe it's just time to move on from Velasquez. He's due to make around $3.5 million, I believe. If he's not starting and he's not certain to thrive in the pen that's an overpriced player, even if the stuff still tantalizes.