re: Why do so many MLB teams bid against themselves?

You can use those analytical numbers all you want but I don't think you'll find too many people who will agree with you that Price actually provided a surplus performance relative to his contract.

He made $30MM to throw a 4 ERA with a 1.2 WHIP, not to mention his implosion against Cleveland in the postseason. That's horrendous anyway you slice it. He's not being paid to put up back-end of the rotation numbers.