I'm not a fan of Arroyo and I don't want anything to do with Santana and Jimenez. I don't think they're worth the dollars they'll receive, and when you throw in the added draft pick compensation, it makes it an easy "f*** no". I feel like second round picks are very largely undervalued when it comes to free agent compensation. I think that the idea that you're not giving up your first round pick probably is what makes giving up a second rounder a much more desirable and appealing scenario for a lot of people, so it's easier to overlook what you're passing on.
In the past three years, the Jays have used their second round picks on Daniel Norris (2011), Chase DeJong (2012) and Clinton Hollon (2013), who, thanks to his hugely underslot signing, allowed us to also acquire Jake Brentz and Rowdy Tellez. All of those prospects are currently well-regarded in the Jays farm system. Additionally, Mitch Nay and Matt Smoral would have also both been second rounders in the current revamped draft format, as opposed to the compensation round picks that they were.
I wouldn't give up any of those guys (potentially giving up more, since 2014 is thought to be a very deep draft) for a chance to overpay Jimenez or Santana. Especially since second round picks now also come along with your second biggest draft slot, allowing you much more flexibility later on (as was seen in the 2013 draft).