Of course the money matters. If it didn't this wouldn't even be a discussion. However, with guys like Gilmore and likely a few more off the books, this team has plenty of money to get the job done. If you aren't going to pay a guy you know can play at least a little, what difference does it make if you use that money to grab supporting cast when your starting QB is [insert EJ Manual clone here]. You just can't win that way. At MINIMUM you're saying we aren't going to be competitive for a Super Bowl in 2017, and what does that say to a guy like Kyle Williams or any long in the tooth FA you might want to bring in for a push? It says we're looking at another 3-5 year rebuild.
I'd rather re-tool. There's no reason that you can't bring back Taylor, use literally every draft pick you have on QBs and fill out the rest of the roster with journeyman FAs.