Given what is looking like an increasingly certain relegation for Wednesday, I'd say Reach is the sort of player who would not drop down to League One with them even if he was under contract - there would be interest in him because he has shown throughout his career that he is better than the third tier. I'd say there are going to be considerably more clubs after him than just us and Watford if he isn't going to sign a contract with Wednesday and I think you might well be right about when you suggest our wage structure may not be able to accommodate him.