If we're talking common sense wise, yes, it's essentially buying a player for your favorite team.
If we're talking legally, why does a private entity get to decide if another company's spending relates to a legitimate business purpose of that business? If ABC, LLC wants to pay Johnny $5M, who is to say that ABC doesn't benefit from that spend? It could easily be determined to be an investment in marketing or publicity.
If it was allowed to continue, what you'd see if ABC, LLC can't spend $5M on a player because it's entire annual budget was typically $10M but Google can spend $5M because they can better market their spend on the player?
Or, if you want to somehow tie it to market value (as the settlement attempted), how do you determine market value exactly? Isn't it what one person is willing to pay and another person is willing to accept for a good/service? If you try and cap that and create an artificial limit on market value, you're running into restraint of trade issues.
Once this box was opened, there was no way to limit it going forward without Congressional intervention and as I mentioned earlier, Congress brings in potential 1A issues.
A CBO would likely fix these issues, but would open up another insane box otherwise known as employee/employer issues.