Sure, the Rays probably would have traded Hector last year. Sometimes being broke makes you smart. We're still waiting for the Phillies to have Moneyball smarts combined with actual money, like a lot of other teams we can name.
But paying him $7 million next year will only make him the fifth-highest paid reliever we've had in the last three seasons, and we get him for that amount because he we got him to pass up arbitration last year.
It would have been a fascinating case, really, he was coming off a near-elite year (in terms of WHIP) and he has the 9th-inning experience and saves arbitrators still value more than peripherals or leverage patterns. If they take him to arb now maybe it saves $500K. Or maybe they extend him again.
I don't think we have to say "Klentak-led Phillies team" though. We could hire the next Andrew Friedman or Theo Epstein next week and they still wouldn't be able to change things in two seasons, unless MIddleton hires them explicitly to rebuild. In which case you obviously trade Hector, among many others. But if we're still trying to win, any organization/GM can still use a $7 million late-inning reliever. We just need a few more of them, and cheaper ones.