Unless you are paying at the very top of the market or are doing something so extremely prestigious/cool that it makes top people want to work for your org spec

Unless you are paying at the very top of the market or are doing something so extremely prestigious/cool that it makes top people want to work for your org specifically (SpaceX, NASA, OpenAI, maybe a handful of others), a process like this seems guaranteed to only select for candidates that have no other options.