I think you've said before that you understood that the contracts during the first wave of payroll increases were backloaded. You are suggesting doing the same with the new ownership.
The difference, as has been pointed out, is that the Tribune never invested well in the minors and thus the pipeline of cheap talent that should have supplemented the high-salary stars never materialized. The payroll increase was a smokescreen that artificially inflated the value of the Cubs and the perception that the Cubs should be run akin to NYY, BOS, the Mets (well, yeah, that worked) and Philly. The problem is that the other teams I listed actually have fairly decent farm systems in place and the Cubs did not. When the 2009 Cubs fizzled, that was it for the window of opportunity and the Cubs were left with a "meh" farm system aside from Starlin Castro and Brett Jackson (who was just barely drafted), some diamonds in the rough and an albatross of a team.
Suggesting that the team should just continue to spend on free agency seems a recipe for failure to me, especially when we've already determined that the free agent class you can pick from isn't ideal.