Really Cincy? Why would you do this?
It is unlikely that Cincinnati would get a much better offer than what the Skins are willing to part with. When one of your highest profile players and easily the greatest receiver in franchise history is royally pissed, you should work to either placate him or get him out of there, because he will only cause trouble for the rest of your franchise. And given the Bengals recent history with troubled souls in their franchise, they don't need any more problems. It's this attitude that has led the Bengals to assemble an army of felons that ultimately ends up hurting what could be a playoff team. Stupid move.
Admission of bias: as a Redskins fan, I cannot express how much I'd like for this trade to actually happen. The one major missing piece in the Skins' offense is a big, fast, playmaking receiver who could draw double-teams and open up Santana Moss and Antwaan Randle El for big plays. (Yes I believe that Jason Campbell is a solid starting QB. Depth on the offensive line is also an issue.) Chad Johnson is all that and more (the more being the awesome personality of Ocho Cinco).