First of all, contracts aren't better now vs a few years ago...in fact, they are worse.
Secondly, Hamilton and Swisher shouldn't be in the same conversation.
Lastly, no one thinks the Orioles should just sit on there money and do nothing. But overpaying a decent player but one who isn't a difference maker plus losing a pick isn't smart.
Swisher is good and if we had more talent, I would want us to get him to help put us over the top but just because free agency isn't good this year, that doesn't mean you treat him like he is elite.
I wasn't suggesting contracts are better as much as typically shorter. Or in these terms, by my count, Greinke, Hamilton now Swisher and for some reason Pagan are the only players that got deals of 4 or more years that take them past their 33rd birthdays. Further, it's tough to suggest that a 4-year deal at $14 million or so per could "hamstring" your franchise even if the player is only as productive as expected for 2 of those years.
Clearly Swisher and Hamilton are 2 completely different animals, but they're being paid as such too. At the very least, Swisher at $14 million per season can hold his own against the best bats that the Orioles have presently, and for similar money. If you feel that adding a bat that's easily top 2 or 3 on the team to the Orioles doesn't put them over the top then we might as well treat this like the same old Orioles and forget about legitimate contention altogether.
As for passing up on the 24th pick in the draft, I wouldn't lose much sleep over it. For every Mike Trout there are hundreds of "who the heck is that?"'s. It's the old "bird in the hand" adage. Betting that the Orioles are getting an eventual difference maker there is tough to begin with, factor in the time it takes to develop that guy and it's anyone's guess whether they'll even be a team that benefits from whatever that player brings to the table.
If you could look into the future and at $14 mil per season a bat like Swisher had the O's in the playoffs for the next 2 years and maybe even delivered 1 trip to the World Series (without guaranteeing a result) and then only played 50 games per year on a 4th place team for the final 2 years...would it be worth it? Judging from the tone of a lot of conversations I'm hearing from fans my guess is most would say no. (even after 14 straight years of losing)