1. Anyone owning Graves should drop him immediately. He's been horrible for three years and his only value existed as a closer, which he isn't going to be at this point...and that's if he even gets a big league job. There is zero reason to keep him on your roster in some delusional hope he regains value that just isn't there anymore.
1A. About a month or so ago, when the closer injury epidemic hit its zenith, I suggested that anyone owning Graves should trade him immediately, as his value could only go down from where it was at that point in time. Hope some of you took that advice and profited.
2. The Reds couldn't trade him. They probably tried, but who's going to take on that contract for a guy who can't pitch anymore. He's not in Jason Giambi's league in terms of the dollars involved, but the situation is pretty much the same.