I agree with many of you guys but the main reason that led to prices going out of control is that there are too many teams which are "tanking" for years (not seasons) and have 10-15-20M. They are not very active but when they log in and see a good player, they can bid 5-10M for him and in many cases become bots shortly after. Yes, lack of players on market is one problem but thousands of teams with such budgets is the main reason.
I think that the amount of money is of course a component, but the current higher prices affect pretty much every range of player - including those that teams who have tanked for seasons would really have no use whatsoever for buying, but that make perfect sense for teams at lower levels of the game. If the amount of money for tanking teams was the primary driver, you'd also expect to find that once you're into the season, prices would drop to more reasonable levels, since teams generally don't awaken from seasons of tanking only to buy players a month or two into the season - maybe some additions here and there.