Yes, they would still be on the lower end of team payrolls, but this is a $26 mil increase over 2018.
This allows them to resign Harvey if they decide, or perhaps go after some other middle tier starters to fill up some holes in the rotation. I also don't expect Billy Hamilton to return, freeing up $4.6 mil, and possibly one of Peraza/Gennett if the Reds decide to bring up Senzel to play at 3B or 2B (although latest rumours have him playing in the OF next season).
After next season, Homer Bailey and his $23 mil contract comes off the books.