Once you start talking 4 and 5+ year contracts it gets a bit more complicated, but the fact of the matter is our pitching is not suddenly going to get better without some combination of FA and trades, unless we're making assumptions that every pitching prospect we have in the minors is going to meet and exceed any expectations, hopes, or dreams we have about their ability. If in 3-5 years our biggest problem is a bad contract, then I'd say we've done pretty damn well. I'd much rather be bitching about a good team with a bad contract than a bad team with a rotation that bears any resemblance to what we trotted out there the last 2 years.
Using FA to fill some holes, or in this case, where it's painstakingly obvious that the next wave won't have enough SP is a bit different. It's targeted. The question at hand is whether or not that 5 year contract still going to be worth it in years 3-5 when said next wave is established.