On the flip side, who would we possible sign instead of Price, and at what cost/risk? Jordan Zimmermann is probably a realistic target, but he's not as good as Price, and what type of contract will he get? I'd imagine a Jon Lester type deal of 150M+. Who else do you sign? Kazmir? He's got major injury history, and while he may be past that, he's still going to get paid.
Then you have the issue that most guys don't want to play in Toronto, so you would have to over pay for them to convince them to come. Price (seemingly) loves playing here, so convincing him to stay would be easier than bringing in an outsider. Plus you don't lose your draft pick for signing someone who has a QA attached (although I know Kazmir doesn't).
For the sake of argument, lets say the Jays were able to sign either Price @ 7-210M and keep the draft pick, or Kaz and Zim for a combined 10 years and 210M, with a loss of a draft pick, which one is better?