Because, as some of you seem to have forgotten, we have limited funds and FFP restrictions this summer. We need to be smart, and entering a budding war with two other PL clubs + Bayern for a player who's already overvalued is not that.
So your idea is buy players who
are good enough but pay less? Nice one. Not sure anyone has thought of that. Problem is that most of the players who come in in that bracket come from abroad ultimately aren't good enough.
The club has spent hundreds of millions on players since Fergie left and the vast majority of them just weren't/aren't good enough. The club needs established, quality players if it want's to compete. All of the other top clubs will improve. Casemiro shows what signing quality, established players does.
Bang on about FFP all you like. Do you think the clubs aren't across that and aware of exactly what they can spend? However incompetently you think the club may be ran, they're not saying "
sorry lads, we've done the sums after signing [x] player and now we can't buy a striker". If bidding get's too rich they're drop out and go after alternatives.
The people whinging about us going after quality players are probably the same ones whinging when said player goes to another club and does well.
Rice may be overpriced, but if he's the player the manager wants the club should try their best to get him, subject to it fitting in with the budget and plans generally.