Sure. You can fail either way, and neither is fun.
For a team-oriented approach to work, you really need a team. A team is a group of people that has different skills but the same goal. They're a group of people that win or lose together. They have to have the same purpose, or it won't hold together. If every team member had different priorities, then something was badly screwed up about how the team was managed.
In the case of the smart but lazy guy, that's where external-to-the-team management structures come into play. E.g., if you're using a management structure like spotify, the lazy guy's manager should have noticed issues during their weekly one-on-ones. If not, other team members would be talking to managers about the deadweight.