Teams who spend a lot in free agency tend to lose, this is true. But one thing does not necessarily mean the other. Pat McAfee made this observation on his show between giving Warren Sharp free graphic design lessons.
The data may speak for itself. It still requires a global-brain perspective to understand. McAfee helpfully pointed out that the teams spending the most are usually in the process of becoming a team that doesn't have to spend as much because it's closer to winning a championship.