Managers necessarily tell the programmers what to do a lot of the time

In principle, that two-hierarchy system, #3 above could allow for true parallelism: The most senior people on the technical ladder would have a boss, like anyone else, but this boss would be someone who is way up the management ladder. Also, in this hypothetical system, the top non-manager technical people would have similar compensation to top managers.

In practice, the most senior people on the ladder simply merge into the management ladder, so that at that point there is no non-management technical ladder.

So, #2 above is far more common.