Not as clear cut.
As far as we know, the Jays offered that amount a long time back, way before we got Saunders. That offer could have been on the time right up until the moment we traded for him.
And at that time, at least when Cruz was signed, we read that Melky wanted 4-5 years.
So it's entirely possible that the Jays offered 3/39, with internal discussions willing to go higher, but they did not want to wait for Melky. And when he demands 4-5 years, I don't fault AA one bit for shutting down the negotiations since it was hampering his other deals. He pulled the trigger and got the cheaper and better player in Saunders, and Melky was left to focus on a smaller pool of suitors.