This paper studies the optimum combining (OC) system with multiple arbitrary-power interferers and thermal noise in a flat Rayleigh fading environment. The main contribution of the paper is a concise performance analysis for the overload OC system where the number of interferers exceeds or is equal to the number of antennas elements. Simple closed-form formulas are derived for the moment generating function (m.g.f) of the output signal-to-interference-plus-noise ratio (SINR) and the symbol error rate (SER) with M-ary phase shift keying (M-PSK). These formulas are expressed as a finite sum involving polynomial, exponential and exponential integral terms. Based on the derived m.g.f, the closed-form explicit expressions for the moments of the output SINR are determined. Finally, asymptotic analysis illustrates that employing distinguished power control is an effective approach to combat the SER floor for the overload OC system.