Is there any upside in this for the Jays when it comes to Bautista and Encarnacion?
If they sign one or both, then they will be paying them free agent money in their mid to late-30's while their defensive value ceases to exist (if it hasn't already). Any time you pay someone big money for what they did in the past, rather than what can be reasonably projected in the future, it becomes a huge risk.
If they lose both, then that's about a 9-10 WAR for $24m that they will no longer have. The surplus value is gone and it will surely take way more than $24m to find replacements anywhere near as good as them.
Can't trade them due to 10/5 rights and they have no incentive to accept trades elsewhere when they know they play in a park suited for their strengths.
So it's either lose both and be stuck having to replace them, or keep one/both and pay two DH's $20m a year during what could be their twilight years. Not an enviable spot to be in.