"Overpay" is a subjective word. As I posted earlier, to me, overpay is usually more about the number of years than it is about the dollar amount. IMO, Price is worth $31 million a year for about 4-5 years. The 6th and especially the 7th years are what makes it an overpay considering Price's age.
I just read Speier's article on how the negotiations for Price went down. According to him, the Sox had an offer on the table for $200/7yrs. The Cards had an offer of $180/7 yrs. Price was set to sign with the Cards.
The Sox upped their offer to $210/7yrs. Price's agent said the deal would get done for $217/7 yrs. The Sox paid $37 million more than the next highest offer. To me, that is also an overpay, despite the number of years being the same.