Money helps teams compete every year, but a lesser team with a good strategy can sometimes contend. 2008's World Series winner was the Phillies, 13th in payroll. They played against the American League Champions and the Rays, who were second to last in payroll.
The Rays beat the White Sox ($121M payroll) and the Red Sox ($133M payroll) with a payroll of $43M. The Yankees, with their $209M payroll, didn't even make the playoffs.
This article, in typical sports journalism fashion, is written based on current events with no historical perspective and cherry-picked data.