Well, the other argument is that they could still be competing to sign Santana or Jimenez, who may both be better than any of the names mentioned, but I don't have much issue with shying away from the draft pick compensation. That's a lot to give up in order to bring on risk-saddled pitching contracts.
Actually, I question whether shying away from 2nd round draft pick compensation is wise if you've identified a free agent that you believe will help your team compete now and for a year or two in to the future. But I agree with shying away from it with regard to Jimenez and Santana. I really have very little confidence that either pitcher will turn out to be wise investments for the money they've been wanting, alone, much less when you consider the draft pick you lose on top of the money.