The Lloris example is clearly ridiculous, but there's logic in it. You always want to be paying a player too little compared to the value he brings into your team. That's basic capitalism.
So where do you find high-performing, yet cheap players? Among players who have not hit their athletic peak. Then you lock them in at a cheap price and hope to ride through their peak at artificially inflated wages. Then let them transfer out, post-peak, to get the money they retroactively "deserve" from a stupid club.
An average footballer's peak is 27–28. That doesn't mean a 29 year old can't be the best player in the squad or that a 34 year old will be garbage. It just means you can't expect them to improve (on average), and they may also command disproportionate wages, because they expect a wage hike from their previous club.
Those Wanderers arguing over 28 and 29 are rightly mocked, but I don't want Levy & co. looking at anyone over 28 as a general rule, unless it's on very low wages and a short contract.