Don't think 160mill is enough win the division without getting super lucky with some value pickups. Especially when our premium FAs would likely goto rivals in the AL.
I think the Jays can realistically give EE a competitive offer only if payroll is ~170mill.
I read somewhere the season ended with a payroll north of 150mill, which means ~10-15% payroll increase would be necessary for such a scenario.
They're starting at the ballpark @120mill after arb pay raises and picking up Grilli.
There's just not enough help from the farm, which means too many holes to fill with ~40mill payroll to play with, that's assuming EE, JB, Dickey, Saunders, Cecil all walk.
Signing Edwin alone would eat up more than half the flexibility. They'd still need 1-2 OFs, 2-3 Relievers, and a backup catcher, and hopefully one or two of them being competent left handed bats.