The money doesn't really matter though. It's not stopping them from spending it at a different position, it won't stop them from adding at the deadine, and it won't be the thing that takes them past the point of no return with the CBT.
Seems to me what the market has shown is that the Phillies had to spend that extra $5 million just to get someone to accept a bench role. All the other guys are taking much cheaper deals, but with more playing time.
And nobody is really that good at being a bench player (except for the obvious exceptions/outliers over the years).
Of course, there's one thing I don't think we've discussed up to this point - that Merrifield is here because the Phillies' real GM wanted him.