Jacobs is a stingy owner, I accept that argument... but I think he has gotten better over time. In 2004, he traded for Sergei Gonchar and Michael Nylander, neither of whom came "cheap." He opened his wallet to sign Martin Lapointe, Alexei Zhamnov (it was a disaster, but he still gave him good money), Glen Murray, etc.
The problem Jacobs and Sinden have faced have little to do with spending but more to do with actually building a championship caliber product. Commitment to spending and team building are two mutually exclusive concepts.