That's the way I see it too. You have to be realistic but at the same time doing nothing to fix obvious problems with the roster is unacceptable. Right now the Jays need someone to play CF, LF, and 2B. It doesn't really matter how good the other 6 players are, if 1/3 of their lineup is garbage they aren't going anywhere since the pitching will presumably not be good enough to carry them.
I do anticipate they will re-sign Melky, though. He apparently wants to play here unlike most other free agents, won't need more than 5 years, and the free agent market for the 3 positions they need is awful, so LF might be the only hole they can fix. With that being said, it's not the worst idea to sign him again. The only other thing I could see would be Alex panicking and takes a big risk to save his job so he splashes on Hanley. That's a long shot but wouldn't be overly surprising given the circumstances.