Toronto looks to have taken a very passive, low-key approach to the SP market, but that's not really the case.
They obviously took an educated guess at what the market would be, saw a boom coming, and decided to act swiftly at the start of free agency. So it was an aggressive approach - they acted fast and locked up Estrada, traded for Chavez and inked Happ all before the market was even set.
In being aggressive in this sense they accepted some risks. One risk was they they were overestimating how much it would take financially to sign one of the "swing-man" free agents like Norris or Cahill.
It seems like this might have happened... but the net benefit of the entire approach, if Happ and Estrada are sub-market deals, could still be there.
I think it's always important to look at the big picture because transactions never happen in a nutshell.