You're not far off. A game like this will stagnate because new players will never be able to overcome a 2+ year head start. Would you jump in and start spending gold when you see an insurmountable gap between you and all the strong players? It just encourages free play or no new players at all. To get past this, they have to one of a few things:
1) Inflate stats. Make it easier for new players to catch up to old players.
2) Start over periodically. Declare a "winner" and let everyone start again on even footing.
3) Encourage old players to quit or discourage people from playing really long term.