No not really I don't think the majority of Sarries top players have been over paid when compared to equivalent quality players from other teams, it's just the quantity of quality players they have, someone did some fantastic comparisons on this a page or two back
Exactly. Co-investments aside (and it's a hell of an aside) it doesn't appear that they were overpaying any specific player, they just had too many top-class talents, and chose not to make those difficult decisions when young players demanded more, or they wanted a new shiny toy.
Bath wanted Cokanasiga - and lost Banahan to pay for him
Wasps wanted Sopoaga - and lost Cipriani to pay for him
Exeter wanted Hogg - and lost Cordero to pay for him
Sarries wanted Williams - and kept Goode
Sarries wanted Daly - and kept both Goode and Williams
Quin's found that a batch of youngsters were becoming senior and wanted paying accordingly, and could only afford 3 of Strettle, JTH, Brown and Monye - Sarries added Strettle without anyone else making way.
This not only means that Saracen's are stronger than they would otherwise be, but that other clubs are weaker, because those other top-class players already at Saracen's simply don't come into the market. Maybe Wasps would have liked to replace Daly, with a Williams, or a Goode, or a Maitland, or even a Lewington or Duncan Taylor...