Johnny N.
Kick Henry Jackassowski
As for having to pay as much as the dumbest competitor -- yes and no. I think that's true for some players in some sports, but then you get guys who will take restructures on deals (like Brady) because they're in a good situation. Or they want to go to a good situation.
Sure, it's not an all the time thing. The phrase is something a friend of mine came up with years ago. Contracts have gotten more complex and creative these days with deferred comp and all and of course it changes a little with salary cap sports. The point mainly being that if they want a guy bad enough, they have to pay him more than anyone else is willing to. And as you said, spending all of your money doesn't guarantee success.