Rogers has money to spend. Now their SS spot is filled for 5 years. Costly? Yes, but Reyes will give them better production than anyone else would have at that spot, by far. Alvarez is good, but about even with Buehrle, and no where near as good as a healthy Johnson. Last year was rough, but I think that was the exception, not the rule.
The Jays have some good pieces, but they've had a couple rough years - by the time those prospects got to town, the Jays would be heading for another rebuild. A lineup with Lawrie, Reyes, Bautista, Encarnacion and Rasmus is solid. Plus they also kept D'Arnaud, who's one of their top prospects and should be around soon. Other than the money, which Rogers has to spend, I don't see how this is a bad deal for the Jays.