it's a combination of several things: Willingness to spend the 5% above pool that's available without a draft penalty; the relative scarcity of college seniors signed after round 10; the overall number of draft picks that actually signed (32 of 38 - more than last year, and (without checking) probably more than most clubs, and more than the Phils historically sign).
Looking at that number... the Phils spent more dollars "beyond their pool" than any other club - notwithstanding that they forfeited their second and third round picks, which reduced their pool, and reduced the amount that constituted "5% above pool."
I won't say they spent like drunken sailors - but this performance, I think, makes it impossible to argue that they should have, somehow, "spent more" on this draft.
They left $83k in "pool plus 5%" on the table - which means none of the bottom guys were willing to sign for $208k. I'm a little surprised about Stephen Jones - he's a college junior, drafted in the 39th round - barring some kind of lightning strike, he isn't going to get any kind of an offer beyond $5k next year. I seem to recall seeing a passing reference sometime ago about a player who came to Clearwater, then left - possibly a failed physical? I'm wondering if that could explain drafting, and then not signing a player who, you would think, would jump at $125k.