Yeah that's great and all, but the Steelers haven't been a dominant franchise with that approach either. They've struggled with drafting Olineman, linebackers (hilarious that Pittsburgh can't draft linebackers) and even secondary players for several years now. Sure they'll always be deep and quality at receiver, but that's just one position.
A lot of this is situational. What does your team need, what resources do you have to get it.
I've commented about this before. We're now in the middle of the transition where the Ravens will likely be spending most of their salary cap capital on offensive players, because we don't have a lot of high quality, young, defensive players who are up for extensions. Marlon already got paid. He's basically "it" in terms of homegrown talent that will require a significant financial investment for probably the next 3-4 years.
So if you're not paying your quality receiver when its time, what else are you doing? You need a receiver somewhere. You can go into the draft and get one (maybe), but then where are you spending the money? In FA on other positions? I'd rather keep my own and know what I'm getting.
If you came to me and said "we've gotta lose three high quality starters at various positions in order to pay Hollywood $22M a year", then I'll be all ears on a discussion to not pay him. But in a lot of cases, these teams aren't losing high end players at other spots to keep these guys. They're just losing a bunch of mid tier players at non-premium positions, and they like their chances of getting those players in the draft.