Source: I have a brother working in the space.
Of course, Leicester have just shown you can assemble a team good enough to win the league (You're not getting 5/1 now, nevermind 5000/1) for next to nothing. I hope they've all got incredible win the league bonuses in their contracts anyway.
The more subtle is that their squad does not reflect the English fixation on player pedigree and that fixation is exactly where moneyball offers an advantage. Vardy is a prime example of what I would call the Rickie Lambert problem, players who score lots of goals not considered for the Three Lions unless they're fortunate enough to play in the Premier League -- for both Vardy and Lambert, it was only after their teams earned promotion to top flight that they were deemed quality.
Despite his current form, Vardy is on the bubble for the Euros behind forwards in poor form but of pedigree, Sterling, Sturrage, Rooney, Walcott, Wellbeck. Good players all, and several hundred million in transfer value.
Moneyball happens at the ownership level because that's where the money and vanity concentrates. Hiring Ranieri and sacking Pearson during the summer reflects sophisticated and unconventional footballing philosophy. Not splurging in the past to transfer windows does too. Maintaining continuity is again against footballing tradition, one needs only look at the post-Fergeson chaos in Manchester to see the price of discontinuity.
Leicester staying up this year means they collect on the new TV contract. Finishing top of the league means their slice of cake is bigger with UEFA Champion's League group stage eurobucks for icing. If that ain't moneyball, it will do until moneyball shows up.
Maybe that's why bringing in Ranieri was such a good call? He's been quite vocal about his non-involvement in the transfer policy and purely focusing on building a team with the players he has.
The reason I'm hopeful for these kinds of strategies is that we might get more Oakland A's and Leicester Cities because seeing money dominate the sport over and over gets kinda boring.
When Oakland did so well, all the other teams were doing analysis too, but they were looking at different stats.
Winning the league with players bought for very little money surely means Leicester are on to something?