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DP83869HM: Lowest Power MAC to SGMII Solution

Part Number: DP83869HM
Other Parts Discussed in Thread: DP83869

I am looking for the lowest power solution to do the following:

Ethernet Switch <------SGMII-----> Bridge Chip <------> Micro with 10/100 MAC (either MII or RMII) <---------> SPI-based radio

I came across the DP83869HM, though it seems to only support SGMII to Copper, in which case I'd need

Ethernet Switch <------SGMII-----> DP83869HM <------> PHY (such as DP83826IRHBR) <--------> Micro with 10/100 MAC (either MII or RMII) <---------> SPI-based radio

Is my understanding correct?  If so, this is about 0.4W per conversion.  Is there a more power efficient or elegant solution for this problem?

Thanks,

Matt