Don't sneeze at compensatory picks. As mentioned above, the Ravens use that strategy well, often focusing their free agent signings on guys that were released by other teams. The penalty you end up paying for bad contracts (and face it, most free agent deals struck in the first week end up being bad deals for the teams) compounded with the fact that you take yourself out of the running for compensatory picks makes it a double whammy.
The Bucs were a disaster last year in free agency. The Commanders used to have an annual franchise-crushing 3 day binge. There are cautionary tales all over the place.
Personally, not wanting to see Murray re-sign for big money here (would be a bad deal for the team), I think the thought of him becoming a division rival's bad deal and netting a potential 3rd or 4th rounder next year via the compensatory system is wonderful.
If you can draft well, take advantage of the cheap salaries and depth you get. If you can't draft well, then fix that by hiring new people to draft.