Oh, there are band levels (at least, assuming we used band levels in the same way you mean), but everyone in that band level must make the same amount of money. And the band levels are fixed. It's not like talent acquisition can magically make up a new band level to give someone more money.

If everyone is making the same amount, then there is no band. Band = Range with midpoint. For example, Sr. Software engineer's pay band could be $120,000 - $180,000 with $150,000 roughly being the midpoint, with most people making around the midpoint mark. Now I'm curious what company it is :-)