This is such a hockey fan way of looking at baseball...
You have to be a very bad team to miss the playoffs in hockey, you can be a really good baseball team and miss the playoffs consistently.
Jays have one of, if not the, best young cores in the sport, they have the payroll flexibility to do pretty much whatever they want (they absolutely could have matched the Yankees deal on Cole, but I'm pretty glad that they didn't, that deal has "David Price's Red Sox contract" written all over it...)
AA was a fine GM, but outside of the Donaldson deal most of his "big splashes" ended up being pretty meh overall. But hey, he's a GOOD CANADIAN BOY, right?