Tricky ACTAvation Energy. Redefining free agent to suit you preconception. 
Let's evaluate via VORP. Granted it doesn't account for reliability but seems a fair measure of value last year.
C.C. Sabathia: 17-10, 2.70 ERA, 59:251 BB:K ratio, 76.2 VORP
Mark Teixeira: 308/410/552, 66.5 VORP
http://whizball.blogspot.com/2008/11/4th-annual-whiz-kid-awards.html
I'm kind of full of crap, admittedly, but I wasn't really considering guys who re-signed with their teams when I made that statement about Tex. If he had really wanted to re-sign with the Angels after a few weeks of free agency, this whole ordeal would've been way different.
Your point about Sabathia and Tex's VORP is fair, but as you admitted, it doesn't account for reliability and Sabathia is MUCH more likely to have his arm fall off than Tex is to suffer some awful injury.
My original statement was definitely hyperbole, but my point still stands that really great free agents don't go on trees and you can't just be a perennial loser if you want to use free agency the way Kasten and co. do.
It's really illogical what they're doing. They're saying they want to get "the right guys" via free agency and all other pricey-ish free agents be damned. Well fine, go ahead and pursue someone like Teixeira every so often when you have your perfect match. Those types will look at your cellar dwelling team and then look at teams like Boston and the Yanks and take their pick.
Doesn't seem like sound strategy to me.