https://dariusforoux.com/prices-law/
https://routine.co/blog/what-is-the-prices-law-and-why-is-it...
All the actual work on Earth is performed by sqrt( 3,630,000,000 )[1] or:
~60,000 workers
[1] https://data.worldbank.org/indicator/SL.TLF.TOTL.IN
"Based on choosing the current estimates of Labor force, total"
...which is probably why you only see this stuff regurgitated in blog posts and right-wing Malcolm gladwell (Jordan Peterson is quoted as the source in one of your cited blog posts).
Either way, I'd be highly, highly suspect of parroting Price's "law" as a fact.
(I get stuff like Conway's law or Moore or Murphy are all also cited as laws, and I don't like that terminology either. "Conjecture" would fit so much better, save for Murphy's)
Even if the law were true regarding authorship, and applied to software, that still wouldn't show that the "valuable contributions" are only made by virtue of a small set of excellent contributors -- see "Matthew effect"
I'm all on board with better pay and benefits. But protecting mediocrity doesn't benefit customers or other workers. Companies may occasionally arbitrarily fire good employees without a good cause, but that would be their loss.
One thing you'll notice in employee-owned companies (as opposed to unionized companies) is that they generally do no tolerate such clauses in their contracts.