I'm not with you on that. I prefer that they shop selectively, looking for one or two top/elite players each year rather than pick up players on the "next tier down." When the Joneses developed this free-agent philosophy it was because they paid top money for Brandon Carr and he didn't turn into what they were hoping. The problem was that even though Carr was the best corner available, it wasn't a real strong corner market, so they actually got what he was, they just paid for what he wasn't.
There are players most years who can really help a team improve its talent base, but you have to be choosy about it and not just address a position with an expensive one because you have a need. That's where I don't mind the cheap philosophy. If the players aren't there that you need, get a fill-in and try to address it in the draft. But if you have a chance to add a top-notch FA talent, then do it.
Essentially, if you need a corner and Deion Sanders is the best available, then it's probably a good idea to pay top money to get Deion Sanders. But if you need a corner and Brandon Carr is the best available, then it's not a good idea to pay top money to get Brandon Carr. One helps you win your third Super Bowl. The other just hurts your cap.