LeBron James (wikimedia)
Dave Berri’s list of the most underpaid NBA players relies on his controversial “wins produced” theory so naturally most fans are going to disagree with it. At the same time, looking at his top two guys—Chris Paul and LeBron James—I don’t think anyone is going to disagree that these are excellent players. Nor will anyone disagree that Paul could easily secure more than his current 2008-2009 salary of $4,574,189 or that James could secure more than $14,410,581 on an open market.
And it seems to me that these kind of phenomena relating to the rookie scale and, in particular, the cap on how much you can pay an individual player are an under-discussed source of competitive imbalance in the NBA. In a world with unconstrained bidding on individual players, even if you paired with it a team salary cap, potential employers of top-flight talent would face a real choice. Of course you’d like to have James or Paul on your team, but do you really want to pay what they’re worth? The current rules essentially guarantee that those guys will be underpaid, meaning that signing them for “the max” is a no-brainer. But in an open market, you’d have to pay LeBron so much that it would seriously undermine your ability to sign other good players.
Under the circumstances the only way for a GM to build a great team would be to genuinely identify undervalued talent, not just luck into possession of a super-star who’s worth more than anyone is allowed to pay him.
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