"more than two tears since I left aviation" - Freudian slip there, TNO?
You are pretty much right - from the B737-400 Boeing manual
During landing, the auto speed brake system operates when these conditions occur:
- SPEED BRAKE lever is in the ARMED position
- SPEED BRAKE armed light is illuminated
- both thrust levers are retarded to idle
- main landing gear wheels spin up (more than 60 kts) - SPEED BRAKE LEVER automatically moves to the UP position, and the flight spoilers deploy
- right main landing gear strut compresses on touchdown, causing the mechanical linkage to open the ground spoiler bypass valve, and the ground spoilers deploy.
If a wheel spin-up is not detected, when the air/ground system senses ground mode, the SPEED BRAKE lever moves to the UP position, and all spoiler panels deploy automatically.