It is okay to have a low payroll if your money is spent wisely. We spent $104M for very marginal talent, Jets and NE spent more but have much more talent per dollar than we do. We do not have the talent that even commands $100M per year.
We do not have a top five player at any position in the AFC let alone the league with the possible exception of Kyle Williams. KW is a key part of the run defense that gives up 200 yds a game so my enthusiasm for him is quite tempered. Anyone that is mediocre on this unit looks like a superstar in comparison to the rest.
Our offense has 4 #1 picks, the two recent OL #1 picks are still on their rookie contracts so their annual number is very low. The #9 pick overall can't break into the starting lineup while a rookie FA RB picked up off the street looked just as good. Our other #1 pick on offense (Evans) makes me ill. An absolutely pathetic aggregation of players.
Our defense's best player is a 5th round pick, the capabilities of our secondary is unknown because the 7 in front of them just suck. The backfield has two number one picks who would not start on any other team in the AFC East but could conceivably at least make their squads as back-ups. Stroud, Johnson, Edwards, McCargo, and all of the linebackers do not even make the other teams in the AFC East. Troup gets a pass because he is a rookie whose jury is out.
Spend a lot more money is not always the answer but when you spend frugally, spend wisely.