Yeah, I think you're right; particularly if ownership believes they have a shot at the post-season. I'm not sure they're convinced yet.
I think they're just playing the waiting game right now. From what I've read and heard on the radio, the Jays would be willing to sign off on a 3 year contract for Santana at $15mm per with an option for a forth season. Until his agent comes down to Earth, they wait. Other teams, while desperate, are hesitant to give up a first round pick for these free agent pitchers. The Jays first rounder is protected, so they're a little more likely to dive in.