I'm sure they're considering a trade with Bobby. Unfortunately, the downside is that he has been injured so much in the past couple of years that teams might be leery of getting him...
You're still confused about options, however. Bobby didn't have one. It was a team option for his final year. As far as combining him with "some garbage from our roster," there's the problem. All we have is really expensive garbage... I mean REALLY expensive garbage.
That's why losing the value of Cat's salary wasn't very smart, IMHO.