Was Ryan Madsen A Steal?

Jonah Keri thinks so:

But that doesn't mean Jocketty didn't get a steal by waiting on Madson, then grabbing him for one year at $8.5 million — without surrendering a first-round compensation pick, the way the Phillies did with Papelbon. The 31-year-old Madson enjoyed a huge 2011 season, posting a sparkling 2.25 FIP via a near-4-to-1 strikeout-to-walk rate and his usual worm-burning ways. Heath Bell got three years and $27 million. Diminished, post-surgery Joe Nathan signed for two years, $15 million. Matt Freaking Capps got nearly $5 million to pitch in 2012. None of these or any other non-Papelbon closers pulled off the market project to be better this season than Madson.
Adding Madson and Sean Marshall, the very good, very underrated lefty setup man acquired from the Cubs for Travis Wood, suddenly gives the Reds multiple solid options out of the pen, with righty Nick Masset, lefty Bill Bray, and Aroldis Chapman. If Chapman gets a clean shot at starting, that could lengthen a rotation that's already very strong at the top, headed by Latos and Johnny Cueto (2.31 ERA, 3.45 FIP in 2011). The Reds' improved pitching staff makes them a strong contender in a weakened NL Central, without the salary pyrotechnics deployed by the Angels and Marlins.

Again, time will tell.  It is encouraging that the Reds are trying to win next year.