I agree that the FO has done a good job not chasing high price tag players. however, there is still plenty of value on our current roster that could be locked up (including Smith, Bowman, Goldson, T Brown, Ginn and D Walker). 24M over 3 years is a good price for A. Smith. He can get better, and he can get us to the super bowl next right now. I don't mind keeping a little bit of cap space for an emergency... but any space above 3M a year should be used up.
I also believe the FO did not over offer for Peyton (He may have been more 2M/year more than we offered, but I am very glad we are not payng 96M for 5 years like the broncos).
From my perspective, low balling a Peyton offer was a great move by the FO. I beleive if we landed Peyton it would have been at a great price and great value to Peyton, however I don't think we really expected to get Peyton. Furthermore, I beleive the effect of the flirting with Peyton will stir up Smith and get him to start playing with a chip on his shoulder...Smith needs to start playing like he could be a top free agent in 3 years.