The Reds were eating up $8mm of Bruce's salary from what I remember reading at the time. Between that and the extra year of control, it made sense for the Jays to value Bruce more than a one legged man. In hindsight, Bruce in left, Pearce at DH, and Morales on another team would have looked hella good right about now.
The fact that Atkins guessed right on Smoak and Bruce gives me some hope for Morales, I guess.