Those contracts are relatively easy committments to get out of really.
The alternative is you don't pay overrated QB X that money and then do what? Not that many people walking God's green earth that can play QB at a high level in the NFL. If you are trying to win now and you don't have a top 12-15 QB then you kinda gotta bite the bullet and overpay 1.
Supply and demand
Well when you don't have a 12 to 15 QB you don't have to find a 12 to 15 qb to replace what you already have.
There are always cheeper solutions to replacing people like Dalton and Cutler.
Chicago had their solution on their bench and let him get away.
Kyle Orton was right there for the taking.
You never pay more for a player then they are worth under any circumstance.
There is never a good time to do it ever.
The Bengals are going to waste this window they have/had.
This team would be better then Denver if they had Manning.
Orton actually wasn't a FA when Dalton signed but that is besides the point.
Like I said, those contracts are relatively easy to get out of. I'd rather pay someone like Dalton or Cutler and hope they can pull an Eli Manning than go with a 34 year old journeyman that has been passed around for 8 years. Josh McCown had a nice stretch but he isn't the answer either.
Also there are a lot of times to pay a player more than they are worth in sports, you can't get value on every single contract. It is a market with finite resources and sometimes you have to bite the bullet. Why do you think NBA teams pay random NBA centers 10mill a year? Because there ain't that many 7 foot tall people that can defend a screen roll just hanging out at the Y on Sundays.