That's been my point much of this offseason.
I do think they are not done. Obviously any pending move with Sawamura would indicate as much. And they need to resolve an OF issue one way or another.
But there is no denying Tampa has taken steps back replacing Blake Snell and Charlie Morton with Chris Archer and Michael Wacha. Toronto has improved their pitching, but by how much? The only real newcomers are Kirby Yates and Steve Matz. And the Orioles insist on using a rotation with John Means and a slew of players most people have never heard of. I think they're recruiting pitchers using the same method the court system uses to find jurors. You get a letter in the mail telling you to report to Camden Yards on a certain day, and then you go out there and pitch.
The big problem with the "everyone else is cutting back" logic is it allows teams to also think "Well, i everyone else is cutting costs, I can dial back my own spending and still compete" (which is to goal of every GM - make the best team possible for the least amount of money). Until the Arenado trade, the entire NL Central was operating on this logic...