I was thinking about that earlier today. I'd need to look back at it and see how good Ryan actually was and how much relievers were getting paid.
Conventional wisdom (at least through sabremetric side of things) on relievers has gone through some serious changes though too. It seems like back then we all thought that 200 IP was more valuable than 70. Therefore RP shouldn't really get paid much. Teams like the Rays then started taking that to the extreme and building bullpens was basically finding gems off the scrap heap.
But now with these elite relievers throwing 2 innings a game in the playoffs the conventional wisdom is kind of changing again.
As for me, I'm starting to kind of land in the middle in that I think that elite relievers might only be worth that much money if they are on a high-end team projected to win a lot of games. Paying top dollar for a guy to throw 70 innings when you are projected at 80-85 wins or so isn't going to make as much sense as perhaps paying a starter similar money to throw 180-200 innings. But playoff baseball is different than regular season baseball. Paying an elite reliever can give you surplus value that can be hard to attain as a 92-95 win team. Also helps in the playoffs more as the elite reliever can throw 2 innings nearly every game. Seems like a good way to help a team add win probability in the playoffs.