Your interpretation perhaps, a few key points.
- French employment lay requires a 1 in 8 week break (I don't know the full ins and outs, go investigate that yourself)
- The Top 14 is a long season. Stupidly long. Burnout is a defining concern.
- The Top 14 also has relegation meaning the clubs have to pre-plan and target fixtures to ensure survival.
- To qualify for the HEC, top 14 sides are required to finish in the top six. To do so they have to win away, compete with desperate clubs fighting for ther own survival. Combined with rest-laws and burnout issues over a long season resulting in "weakened" teams being sent out, upset results can and do happen.
But no, you're correct, they're not competitive at all. A league full of dead rubbers, just like the Magners.