One thing that bothers me about Falvine's strategy is that the more crowded the market becomes in this arena, the more impossible it becomes to "win" using this approach.
For example, it appears the Giants also employ this strategy, as they basically walked away from Gausman without even making an offer. Obviously, the Giants were pretty damned good at letting the market fall to them and using bounce-back candidates to fill a roster last season.
And if you're only one of five capable teams trying to root out the under-market values every offseason, the chances of actually landing one, much less more than one, of these guys approaches zero.
And if you're not actually getting the cheap guys you want and you're paying the likes of JA Happ instead of Robbie Ray or Kevin Gausman every offseason, that's called "being cheap and dumpster-diving", not "exploiting a market inefficiency".