I don't think ML operates in a vacuum. He just gets the guys that the HC wants, so much of that responsibility falls on the HC, not Loomis. Yes, there have certainly been some bad contracts, but when the HC says, "get me this guy and we have what it takes to get a championship", and that guy turns out to be a dud, that's not on Loomis.
I think that the way the Saints have operated under Payton and DA will change with Moore.
This is a huge problem. Anytime Mickey gets criticized for anything the default response is "oh he doesnt do anything". Mickey or Khai Harley has to be replaced with someone who knows football and not just rely on the HC to be a GM as well.