So what we've done in FA so far:
Tagged Scherff (we've been over this, so not going to rehash)
Resigned Hopkins (who I think is the devil in a kicking shoe, but it's cheap, 1 year, and he can be dumped when we sign Vandy's kicker when we sign her as an undrafted FA)
Signed a 1-yr. starting QB for $10-$12M
Refused to overpay to keep a CB coming off his career year
Refused to overpay to keep a journeyman LB
In a vacuum, these moves make us a little better on O than the status quo (Allen & Heiny), and a little worse on D.
But these aren't going to be in a vacuum -- we still have money spend and there still dozens of FAs available. And they're showing they're not going to be stupid with the cash they have, so it's reasonable to expect that they will fill some of our remaining holes with value players, not big-ticket gambles.
They also (so far) still have all the draft picks we started the off-season with, including 4 in the first 3 rounds -- whcih will fill more needs.
And my last note on the Scherff move (sorry), in the context of what else they've done so far in the FA window, they've sent a signal to the young guys who are going to need to sign new contracts in the next couple of years that they value their own guys more than sexy names off the street. They've said that, but here they've proved it. That should help when it comes time to re-up J. Allen, Paine, TML, etc.
The ship is not taking on water.