This story was excerpted from Mark Sheldon's Reds Beat newsletter. To read the full newsletter, click here. And subscribe to get it regularly in your inbox.

CINCINNATI -- When the Winter Meetings are going on, anything can happen.

The Reds will head to Dallas on Sunday with their continued goal to make upgrades to the offense, defense and bullpen. President of baseball operations Nick Krall is open to making both free-agent deals or trades to meet the club's objectives.

Even if no moves are made during the four-day gathering, there are often transactions completed later in the offseason that develop out of fruitful talks that began at the Meetings.

Here's a breakdown of the Reds' situation going into the Winter Meetings:

Key events

Sunday: HOF Classic Baseball Era Committee results released
Tuesday: MLB Draft Lottery
Wednesday: Rule 5 Draft

Club needs

Corner outfield/run producer: Reds left fielders combined for 13 home runs and a .634 OPS last season, and their right fielders didn't fare much better with 16 homers and a .700 OPS. Cincinnati has an opportunity to upgrade by getting an everyday bat for one -- or both -- corner outfield spots. It would be a bonus if the addition was also strong defensively, another area where the Reds want to see improvement in 2025.

Bullpen: While it's likely to be addressed later in the offseason as prices drop for available free agents, the Reds still need veteran relievers to fill the vacancies after the departures of Buck Farmer, Ian Gibaut, Justin Wilson and the Trade Deadline move that sent Lucas Sims to Boston. Cincinnati already re-signed lefty Brent Suter in November.

Backup catcher: The Reds did not pick up the option on Luke Maile after last season, so they'll need another veteran backstop to back up Tyler Stephenson.

Rotation: This became less likely after Nick Martinez accepted his qualifying offer and the Reds acquired starter Brady Singer from the Royals for Jonathan India. But after injuries wrecked the rotation last season, there can never be "too much depth." The Reds did have interest in trading for White Sox lefty Garrett Crochet, but that was before they landed Singer.

Potential trade candidates

After dealing India to Kansas City last month, the Reds have few trade chips remaining at the big league level. Closer Alexis D¨ªaz, who is arbitration-eligible, will likely be a reliever clubs ask about. But there are several names in the player development system that will pique interest, such as No. 3 prospect Edwin Arroyo, No. 4 prospect Sal Stewart, No. 5 prospect Cam Collier and No. 8 prospect Chase Petty.

Prospect to know

Arroyo, who is ranked No. 65 overall, missed all of 2024 after needing left shoulder surgery. The impressive shortstop did get to play in the Arizona Fall League, though, and showed he was healthy again. Arroyo, 21, will likely begin 2025 at Double-A Chattanooga, but he could move up quickly if his bat shows signs of keeping up with his superb defense.

Rule 5 Draft

The Reds already protected right-handed reliever Luis Mey and second baseman/outfielder Tyler Callihan, but left right-handed starter Jose Acuna exposed. Acuna, who came from the Mets for Tyler Naquin and Phillip Diehl in 2022, dealt with a right flexor strain early last season and was limited to 39 innings once healthy. He was able to make up some innings in the Arizona Fall League, where he performed well.

Burning question

The Reds' biggest offseason splash so far was not adding a player but hiring Terry Francona to be their manager. Francona didn't come out of retirement after one year off to lead a club without playoff aspirations. Now the question is whether Cincinnati has the ability -- especially financially -- to make the improvements needed to give Francona a club that can bounce back from a disappointing 2024 and reach the postseason in 2025.