You're correct. High roster churn, low number of draft picks, and minimal cap space are all the result of trying to build a team through free agency. You simply cannot sustain a competitive roster with this approach in today's game. It's the wrong approach, philosophy, business plan - whatever you want to call it.
Those of us that chide Whaley for this don't just "want more comp picks." We want a GM that understands that you have to build through the draft, and one that knows how to manipulate and take advantage of the current system. Getting 6 draft picks in the first 4 rounds is a ridiculously huge competitive advantage for the teams smart enough to exploit it year in and year out.
And no, this doesn't mean you cannot be aggressive in free agency. Our pals the Patriots put on a crazy free agent fireworks display this offseason. Would anyone disagree? And yet there they are, still in position to get 1 comp pick next year. Based on Sheard's $8.5M APY, it could be a 3rd, but will probably be no lower than a 4th.
In our case, comp picks are just the symptom of a much, much larger problem.