Sucks to see Ray gone, but it's not the end of the world.
Also remember that just because one team gives a player a contract doesn't mean that the Jays or any other team could've had the player simply by offering the same/more. It was already said that Gausman turned down a bigger deal from the Mets to take the Jays' offer. Who knows what else factored into Ray choosing Seattle, baseball related or otherwise.
And in the end I think that the Gausman/Ray debate is a lot closer than people realize it's just something of a "devil you know" scenario coupled with the residual excitement of his performance last season.
Here are the pair's combined stats for the last two seasons (the shortened 2020 and 2021) courtesy of Fangraphs and Baseball-Reference, but specifically controlled for just Ray's Blue Jays results, excluding his time to start last season in Arizona*
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*Most of Rays' #s are taken from using Fangraphs' Splits tools to just check the time range for his Jays career (Aug 31, 2020 to present), but I had to manually math out a little bit of it because the splits tool doesn't show everything
**Gausman and Ray each had minimal IP as relievers over this last couple years (Ray had 3.1 innings of relief in 2020, Gausman pitched 5 innings in relief in 2020 as well). Raw IP totals at the top of the table include those relief innings, but Innings per Start have them factored out.
Overall they're
very close to one another. Ray has fewer IP by virtue of not pitching the full 2020 in Toronto, but for rate stats or normalized figures they are generally very close to one another with the slight edge going to Gausman in basically everything except strikeout rate (only a 1.4% difference which means Ray might strike out an extra batter every 3-5 games) and length of start (at just a 10th in an inning more again it means Ray might last for one more batter every few games.)
Gausman's big advantages are in FIP, GB/FB rate, and hard hit/barrel rates where it seems like he is better at generating soft, less dangerous contact and controlling the things that pitchers can control. The increased GB rate will put more pressure on the D, but with the high strikeout rates it should also not be a back-breaker since it's not like he's a soft-tossing GB machine who only gets guys out on balls in play. He has the strikeout rate to nullify his own baserunners and generally doesn't walk a ton of guys to the point of compounding the issue.
In the end I would've been happy with either guy and while it sucks to lose Ray given he was already hooked into the Toronto fanbase and won a Cy Young here, we're essentially replacing Ray with about as close to a carbon copy of him as you can find on the market.
Oh and for people that don't like fWAR for pitchers, your bWAR figures for 2020/21 Gausman vs Blue Jays Ray are
Ray: 6.9, for a 200IP normalized figure of 6.45
Gausman: 6.6, for a 200IP normalized figure of 5.25
So there's a measure by which Ray has a notable advantage if you want one to hang on to. But by every more granular measure it's a razor thin difference between them. The difference mostly comes down to Fangraphs preferring Gausman's less FIPpy 2021 whereas B-R is less hung up on FIP and instead much prefers Ray's stronger inclusive results for this last season.