You are correct, but we still spent a lot.
Our 2012 budget broke our previous record by over $7M and was $12M more than 2011. Yes, we dipped into the mid $250's in 2013 and 2014, but even those numbers dwarfed 2007 ($143M) and 2004 ($127M). Amazingly, we were at $99.9M in 2003.
2015 broke the 2012 record by $9M when we spent $184.3M. That's almost double our 2003 budget and $40M higher than 2007 and $57M more than 2004. Yes, salaries inflated those years, but not by that much.
This does not refute your claim, however. We did spend more but not on "elite," big-priced free agents, but rather several mid-ranged ones. One coudl argue we bombed out on most of those, too. Even the Victorino and Napoli deal only looked good for 1 year.
A look back at the signings those years:
before 2012: Cody Ross, Aaron Cook (Traded for Melancon, Bailey & Mortenson)
before 2013: Kojo Uehara, S Victorino, Mike Napoli & Jonny Gomes (Cash for M Carp)
before 2014: Pierzynski, Mujica, Napoli (again) & Sizemore
before 2015: Pablo & HRam (not elite- but close to elite contracts) Traded Cespedes for Porcello and signed Masterson, too.