If money isn't part of the equation, this may actually be the best approach. During the 2007 financial crisis I worked at a bank that had to develop risk software really fast to comply with regulations and prevent disaster. They had two teams work on the same project and once a winning team emerged, they killed of the other. But the result was used for only a year or two, and replaced by a long term solution which was developed by yet another team in parallel.

As the saying goes, in software development, we can control speed, cost and quality, but only two at the same time.