The only way payoffs get lower is if more people are betting
Those prices may be interesting, but you really need to look at a whole year, at least.
If the pattern holds for a year or more, then too many people are betting that combo. Of course, you don't tell them they're wrong, you just put your money elsewhere. Someone, please tell me what's so mysterious about all this.
Also, check out the GoikoStorza factor in the QOW archives.