I don't know if they can beat out all the teams who want Reyes, namely the team that already does have him. The Brewers' power comes in their willingness to make the big one, with Greinke and Sabathia being exhibits A and B. In that regard, I cannot predict what they will do. I do think they lose Fielder, largely because Pujols is such a big FA prize at 1B. The team who loses out on him will DESPERATELY want to land Fielder, and I don't know if Milwaukee has the bank to do it. Their farm system has imploded thanks to past deals, outside of Rodgers and Peralta. Thankfully they're both SP, and their rotation is a huge strength. Regardless of what happens with Fielder they'll have a pitching staff that'll keep them in every game.
IMO, Overbay or Kotchman make sense. That would be a defensive move. Instead of picking up the option on Betancourt, they should go get equal value for similar money with Edgar Renteria. Let McGhee walk via FA and throw your money into the Aramis Ramirez hat. That will make up at least some of the lost punch if Fielder goes. Ryan Ludwick and/or David DeJesus will be great finds. No matter what they do, they need to save some to lock up that great bullpen.