The bargain is from the deal he already signed driving down the AAV though. Which doesn't mean it wasn't smart of the Phillies to restructure it. In the short-term, they have already replaced Walker's CBT number with Sanchez's new bigger one, which is still small relative to his performance, and also still smaller than if they'd simply picked up the two options. Just costs them more cash in those two years. And a lot more if they pick up the option but if they do that, it will be because he's still worth it.
And Luzardo has essentially replaced Ranger, financially. With Painter the young value guy.
Unlike in the Monty days, if Nola flops, they will still find a way to buy their way around it (or, better yet, another young SP emerges, but, well....probably not fast enough to replace both Wheeler and Nola).