Yes, an owner who doesn't care about winning, even though winning increases profits. If you want to accuse him of not wanting to spend money, fine, but you're a fool if you think he doesn't want to win.
The O's will end up with a payroll around $90-100M at this rate. There are teams who regularly win with less. Ask Philly, Anaheim, Toronto and NY how spending sh*tloads of money worked out for them last season.