Photochemical upconversion uses sensitized triplet-triplet annihilation in bimolecular compositions to convert lower energy photons to higher energy photons. For high efficiency under low illumination, usually a high sensitizer concentration is desirable. However, here we show that the upconversion sensitizer can reduce the emitter triplet lifetime by dynamic quenching, with rate constants on the order 106 M-1 s-1, leading to diminishing returns beyond a certain concentration. These results serve as a warning to designers of photochemical upconvertors that higher concentrations of sensitizers are not necessarily beneficial to upconversion performance.