I kind of admire the Rays for how they use the money that they do spend, even though I also think it's bad that they don't spend more. Would love to see a team with Rays level shrewdness without the Rays arbitrarily low budget.
One thing I wonder about when people talk about emulating the Rays is how possible it is to replicate what they do. It seems like the Rays occupy a particular niche in the baseball ecosystem, and their methods would yield diminishing returns if more teams did them. The Rays gain an advantage by ruthlessly cutting bait and trading star players for prospects when they start to get expensive. What would happen if ten more teams in baseball all decided to try this Rays strategy all at once? The market would be flooded with star players up for trade, the Rays would have to settle for worse prospects due to greater competition, and big-spending teams would be able to vacuum up more star players cheaper and earlier. The competitive advantage of operating like the Rays would dry up, and star players would have to settle for lower salaries as there would be more cheapskate teams refusing to pay star salaries.
Would baseball be significantly thrown off balance if one more team duplicated the Rays strategy? What about two more teams? What about five more teams? What about the 15 smallest market teams all becoming 10% more like the Rays? I'm not sure where the line is before it stops working, but I don't think the overall outcome of being like the Rays is good for baseball.