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G,
I did not that it is necessary to fill in with FAs when your farm doesn't have options.  Every team does it and every team must. 
What I object to is the (IMO) false notion that "Star" WAR money is somehow more value than "ho hum vet" WAR money.  The entire purpose of WAR is to actually put all FAs on the same wage scale.
Paying $20 million to one guy to get 5-WAR is absolutely, positively dead equal to paying two guys $10 million each to get 5-WAR.  You're paying the same money and getting the same result.
Let's look at the "superstar" (by salary) bats from 2010:
Age - $ - WAR - Player
34 - $33 - 3.2 -- AROD
36 - $24 - 1.3 -- Jeter
30 - $20 - 4.1 -- Tex
27 - $20 - 7.2 -- M.Cabrera
34 - $18 - 3.0 -- Hunter
36 - $18 - 4.3 -- Ichiro
36 - $18 - 1.6 -- Mags
31 - $16 - 4.0 -- V. Wells
29 - $15 - 4.9 -- Morneau
34 - $14 - 2.5 -- JD Drew
33 - $13 - 2.7 -- M. Young
38 - $13 - 1.5 -- Posada
34 - $13 - 0.5 -- C.Guillen
34 - $13 - 2.8 -- D.Ortiz
The 'going rate' for WAR is roughly $4 million per WAR.  These are the stars.  AROD got $10 mil per WAR.  Tex about 5.  Basically, EVERY guy under 30 is a bargain and EVERY guy over 30 is *at best* worth what he is getting.
Of course, Wells was worth his money at age 31, and not so much at 32.
The "illusion" when you pay someone money to produce 7 WAR and he only produces 4 WAR is that this is still a good investment, while if you pay someone to produce 3 WAR and he produces nothing, it's bad.  The logic is false. 
Paying a guy $12 million to NOT produce 3 WAR is the same detriment to a team.  The difference in production and impact on final results is identical.  But, the impact on the future can easily be catastrophic. 
In 2010, Beltre was the *ONLY* player over age 30 in the top 10 in WAR, (though he was only 31).  This does not mean under-30 guys are guarantees.  They aren't.  But over-30 guys ARE guaranteed to see their production drop.
The "tactical" advantage to paying for a 150 OPS+ and getting a 120 OPS+ is that you can still play him.  But, you are JUST as mandated to make up the extra wins from your "free" players. 
So, today the Ms are paying for a Superstar in Ichiro and getting no value.  The degree may be larger than standard, but the reality is typical and predictable. 
So ... when should you pay the big money?  When it is for someone who has ALREADY given you production.  Rewarding Chipper for his production in his cheap years filters down to the next wave.  Seeing the financial loyalty pays back eventually.  But, if you're just paying mercenaries big money ... well, then IMO, you're going to fail (barring a $200 million payroll) ... and you deserve to fail.