I'm not so sure about this.
I am not a whale - I spend a minimal amount of money on this game. But what I am, is a giant guppy. My entire roster is inflated to 7*, Level85, GL8+, A&A7+, with only a handful exceptions.
I do have most competitive teams at decent levels too, but only one GL13, who now also has Relic 4. When I'm matched up, it generally matches me against other giant guppies. The whales are more top heavy for their GP range, and I have never met one, even at 4.7-4.8 Million GP.
I feel the matchmaking is way better now, and I have enjoyed every fight I've been in. I've won some, lost some.
Perhaps I'm just lucky to not have run into someone I feel is way out of my league.
Perhaps the solution is to inflate your roster.
