The Jays have 30 mil in payroll committed next year. Those 2 cost 65. You don't stop spending if you have those 2. You would need to commit to 160 170 in payroll. You literal could build a contender through free agency next year if you got those 2 and you wouldn't have to trade off all your prospect capital.
The problem is I don't see any scenario in which Cole isn't a Yankee next year and the odds of getting Rendon are a long shot.
The Yankees have money to spend, the sox have money to spend, the dodgers and cubs always seem to have money. The Marlins have money to spend in theory. Who else has money to spend?
If the Jays have a shot at either Rendon or Cole they should overpay, extend the extra year and do whatever it takes. There just aren't many truly elite free agents that come available. Outside of that there's plenty of pitching you can add, but you're probably looking for value.
The odds of contending in 2020 are extremely long, but that doesn't mean you shouldn't add pieces that can help you in 2021 or 2022.