1) You have some rare ability that is distributed unevenly (Research skill, football skill) 2) There's certain brands that are imperfectly connected to the distribution of ability (Harvard, Man Utd) 3) You can hire a guy who looks to have the ability minus the brand, and he'll be cheap (Easier to lure, lower weekly salary). Once in a while, someone does this for a brand and the guy is "in". 4) Hire the wrong guy without the brand and your head is on the block. Gotta publish/win championships. 5) Hire the wrong guy with the brand, and you can point at many other coaches who did the same.
So what's going to happen? Anyone who is obviously good will get in no matter what, but the bar is extra high. And a fair number of obviously good people will also get the brand name. Everyone who is good but not great needs the brand.
Just looking at the numbers in the academia game, it looks very hard. Committees need to justify their choices, and they are choosing a very small subset of the applicants. Getting a dud on a team of say 7 researchers could be costly. You'll get some anyway (there's a HN article today about how hard it is to interview people) but you can at least pretend you did the conservative thing. Also, with a very small size the top spaces are reserved for special talents (Terence Tao article today as well). If you're on a shortlist with TT, you're not getting that job.