Even if Chad Moeller comes north, do the Reds really have three catchers?
David Ross is the Reds' starting catcher. Moeller is an adequate back-up.
Javier Valentin is a catcher by trade, but in reality he's a back-up first baseman and the club's top pinch hitter leading them in pinch-hits (12), pinch-homers (4, one-shy of the club record) and RBI (12) last season.
Late-spring injuries forced the Reds' hand in this respect.
Besides, I think too much is made about which players make the Opening Day roster. The Reds roster in April likely will be barely a shadow of itself by August.