I don't think GOTY editions are released at $60, because they're just rereleases. They sell them a $30 once the book is added to the Greatest Hits line, so if you're expecting it to be $30, just wait until that.
Yes the correct statement is above. Greatest hits (budget games) are a re-release for gamers to experience great games at a fraction of the price. GOTY editions are usually priced anywhere from 40-60 dollars and have extra content bundled into them.
Dead Island GOTY Edition is coming out on June 26 for $29.99. It includes all DLC. In some rare cases GOTY Editions are $30, but most of the time there $60 or $40- Mortal Kombat Komplete Edition, Fallout New Vegas: Ultimate Edition, Batman Arkham City GOTY.