Well if the goal was to challenge for a playoff spot, then we met that goal, since we will be doing that til the very last game of the season. (Your first sentence and third sentence in your post are pretty conflicting here)
If we were absolutely hellbent on making the playoffs like you suggest then how come we made 0 additions at the deadline? That part doesn't really add up.
The main reason we loaded up on veterans was because we had a boatload of cap space and used it to make reasonable signings that were largely positive to the team (Sprong, Ghost, Compher). I would agree we went a bit overboard with the amount of players we added, specifically on the back end. But the alternative would have been to have like 20 or 30 million in cap space and not sign those players, and I don't think any GM is going to do that.