Schillingfan, you're missing the point, there's a hard cap, so cost effective strategy is essential to maximizing your take in LA. The past is past, the opportunity to overspend is gone, now you have to work within the confines of a system where the only edge is spending on scouting and player development, not mega-bonuses.
What a player is "worth" under a hard cap is dictated by the opportunity cost of the players you can't sign due to an overpay. It's not a matter of being wiling to spend the money, because you're not allowed to.
And because the new penalties effectively establish a hard cap on salaries (watch the Dodgers scramble), you can't just spend money because you have it, because it may restrict what you do two years down the road. So cost effectiveness not only applies to LA, but to all ML spending as well.
This doesn't mean the Phillies shouldn't spend, but with an eye on the budget from 2018-2025 when they want to be competitve for an extended period. If there's a hard salary cap, you want a spreadsheet of expected salaries and plan 3-5 years ahead.