Redding gets knocked around a bit, evidenced by his HR/9 and LD%. However, his FIP is just fine for a #5 starter. If he could have a performance identical to 2008 next season, Redding would be a nice pickup. I don't anticipate a big-time bidding war for his services, so maybe a 1 year deal for $3-4 million could secure him.
***EDIT***: For more on Redding, check out this FanGraphs post by Eric Seidman. Eric puts Redding's fair market value at $6.5 million. He'll likely end up signing for less.