The defending AL Central champions also will get a player to be named from the Reds in the swap.
Cincinnati drafted Boyd in the second round last year out of Oregon State. He led the Pac-12 with a .373 batting average and 24 steals in 2022. The 21-year-old batted .203 in 73 at-bats for Class A Daytona.
The 6-foot-5 Benson spent 28 games with the Guardians last season, batting .182 with three RBIs in 28 games. The 24-year-old struggled at the plate, striking out 19 times in just 55 at-bats.