Just for fun, let's turn back the clock to 2012 to illustrate the spend big in free agency viewpoint. 2012 was the last of of the 20-years of losing. Let's take the suggested $25-$40M and invest it into free agents to fill the named holes at 1B, 3B, and SP for the next 3 years. We will use actual FA signing results to determine the most prized players available. These are the guys the market showed as the most attractive additions at the time and are not cherry-picked anomalies. Coming off of 20-years of losing, it's fair to assume the Pirate would need to pay a slight premium over the actual contracts for those players.
At 1B...
There were ZERO first basemen in free agency good enough to get multi-year MLB contracts in 2012. The most lucrative player on the market was Mark Reynolds for 1 year $6M.
Let's say the Pirates foolishly gave him $18M over 3 years for a cost of $6M per year.
At 3B...
The FA pool looked like a retirement community in 2012 with Wigginton, E.Chavez, Youkilis, and Hannahan the biggest names. Too old for multi-year deals, so we would need to revisit the market in 2013.
Let's say the free-spending Bucs outspend the Yankees for the 2012 top prize of Youkilis to a 1-year deal at $14M and then outbid the Dodgers for the top prize in 2013 of Juan Uribe and pay him 2-years $16M ($8M per year). Annual spend at 3B for the 3-years is $10M/year.
At Starting Pitcher...
Even with the "$25M-$40M" of imaginary new payroll per year, the Bucs would not be able to outbid the Dodgers for the clear #1 prize, Zach Grienke's $24.5M per year over 6 years or Anibal Sanchez's $80M contract over 5 years, so it's fair to say they are off the table. Among the rest of the FA pool, the next biggest paydays went to Ryan Dempster at $26M over 2 years and Jeremy Guthrie @ 3 years/$25M.
Let's say the Bucs win the bid for both and sign Dempster at $40M over 3 years and Guthrie at $27M over 3 years, for an annual spend of $19M over 3 years for both. As a result, there is no need for the 'reclamation projects and reaches. Bucs don't even consider needing to sign F.Liriano in 2012 to the $1M 1 year contract. Do they still trade for Burnett?
Total spend for these 4 players is $35M per year with $5M left for other minor upgrades.
1B- Mark Reynolds
3B- Kevin Youkilis/Juan Uribe
SP- Ryan Dempster & Jeremy Guthrie
Over those 3 years their stats were:
Reynolds - .216 BA, .698 OPS, 56 HR, 160 RBI (annual slash of .216/19 HR/53 RBI)
Youkilis (1 year)- played only 28 games, .219 BA, 2 HR, 8 RBI
Uribe (2 years)- played on 3 different teams in 2015, over last 2 years, .283 BA, 23 HR, 97 RBI (annual slash of .283/12 HR/59 RBI)
Dempster - Played 1 season and retired before end of his R.Sox contract. 4.57 ERA, 1.45 WHIP, 8-9 W/L
Guthrie - 4.57 ERA, 1.40 WHIP, 36-31 W/L
With these signings, the 'dumpster diving bargain finds ' such as Liriano for $1M in his first year and subsequently re-signing, Burnett trade with Yankees paying the bulk of his first year salary and later returning at discount, Volquez at $5M for 1 year, etc never happen.
Would this path realistically led to better than the 98-win wildcard team in 2015? Unlikely. The organization is extremely well-run within the constraints of the current economics of baseball, no matter how much people want to scream about cheapness being the problem.