For every Ortiz or A-Rod, there's 30 players that decline, relative to their age, as predictably expected. Players like Ortiz are the rare exception, far from the rule or likely outcome. To boot, Bautista is coming off a significant injury that, when coupled with his age, more than likely kick-starts his decline immediately. The odds are absolutely stacked against him.
He could still be productive for another season or two, but probably not at the levels we've seen in the past. Taking the comp pick and signing a replacement like Valbuena makes so much more sense.