In December of last year, we conducted an analysis using our Real Value metric, developed by our own Alberto de Roa, to identify the most underpaid NBA players of all time. The results were eye-opening, revealing the disparity between player performance and compensation.
However, the landscape of the NBA is constantly evolving, with skyrocketing statistics and salaries shaping the league. After an exhilarating 2022-23 season, the rankings have shifted, prompting us to revisit and reevaluate the most underpaid NBA players of all time.
Interestingly, a familiar face still holds the top position, a superstar synonymous with the purple-and-gold franchise. Alongside this perennial favorite, several other contemporary stars have risen in the ranks, solidifying their place among the most undervalued players in NBA history.
Without further delay, let us delve into the updated rankings and explore the players who continue to defy expectations in their compensation.
1- LeBron James
The results of our analysis reveal that, once again, LeBron James, a four-time league MVP, holds the title of the most underpaid player of all time, according to our Real Value metric. This is a remarkable achievement considering he is also the highest-paid player in NBA history, having earned over $434 million throughout his career.
Our metric indicates that James' most underpaid season occurred in 2008-09, during his time with the Cleveland Cavaliers. Despite being paid $14.4 million that season, his Real Value was calculated to be $44.4 million, resulting in a staggering disparity of $30.0 million. This stands as the second-largest single-season difference in Real Value versus actual earnings in our database.
During that exceptional season, James averaged 28.4 points, 7.6 rebounds, 7.2 assists, 1.7 steals, and 1.1 blocks per game. He led the Cavaliers to an impressive 66-16 regular-season record and was awarded the league MVP title. However, despite his individual and team success, Cleveland fell short in the Eastern Conference Finals, marking a disappointing end to an otherwise remarkable campaign.
LeBron James' consistent presence atop the list of most underpaid players is a testament to his extraordinary talent and impact on the court. It showcases the significant gap between his immense value as a player and the compensation he has received throughout his illustrious career.
2-Nikola Jokic
Following his first championship victory, the Denver Nuggets' standout player, Nikola Jokic, has emerged as the second most underpaid player of all time, experiencing a significant rise in his ranking since the previous season. Once again, Jokic has showcased his exceptional performance, surpassing the value of his earnings.
During the 2022-23 season, Jokic, who earned a spot on the All-NBA Second Team and was selected as an All-Star, received a salary of $33.1 million from the Nuggets. However, our Real Value metric estimates his true value to be $70.1 million, resulting in an underpayment of $37.0 million. This makes Jokic the most underpaid player of the 2022-23 season and marks the most substantial disparity between Real Value and actual earnings in our entire database.
Jokic's underpayment is not limited to a single season. Throughout his career, he has consistently performed at an All-Star level while being compensated at a level more akin to a second-round pick. This stark contrast in Jokic's contributions and earnings is a key factor in our metric considering him to be significantly underpaid.
The combination of Jokic's remarkable accomplishments and his comparatively modest salary early in his career has contributed to his high ranking on the list of most underpaid players. His ascent to the upper echelons of the NBA has been accompanied by a growing recognition of the tremendous value he brings to the game.
3- Giannis Antetokounmpo
During the 2022-23 season, the Milwaukee Bucks' formidable player, Giannis Antetokounmpo, continued to be underpaid according to our Real Value metric, although to a lesser extent than in previous years. Antetokounmpo earned $42.5 million for his contributions while his Real Value was calculated to be $51.5 million, resulting in an underpayment of $9.0 million by the Milwaukee Bucks. Nevertheless, this was sufficient to maintain Antetokounmpo's position among the top three most underpaid players of all time, even in an era characterized by substantial salaries.
One of the most pronounced instances of underpayment in Antetokounmpo's career occurred during the 2016-17 season. Despite being named an All-Star and securing a spot on the All-NBA Second Team, Antetokounmpo earned a modest salary of $3.0 million. In contrast, our Real Value metric estimated his true worth to be $27.3 million, resulting in a staggering difference of $24.3 million.
These discrepancies highlight the significant disparity between Antetokounmpo's exceptional performance and his compensation. Despite his remarkable achievements on the court, including his MVP awards and a championship title, Antetokounmpo's earnings have not fully reflected his value according to our metric.
As Antetokounmpo's career progresses, it will be intriguing to observe how his salary aligns with his ongoing contributions to the Milwaukee Bucks and the league as a whole.
4- Luka Doncic
It is not surprising to see that the most underpaid players in the NBA are often those who make an immediate impact upon entering the league while earning rookie-scale-contract salaries. One prime example of this is Luka Doncic. Doncic demonstrated his talent right from his first year, being on the cusp of All-Star status, and from his second season onwards, he has consistently been recognized as a member of the All-NBA First Team. Given his impressive achievements, it is no wonder that Doncic ranks among the highest in terms of being one of the most underpaid players in NBA history.
In the 2022-23 season, Doncic continued to showcase his exceptional skills for the Dallas Mavericks. Despite his contributions, he earned $37.1 million, while our Real Value metric estimated his worth to be $50.0 million. This resulted in an underpayment of $12.9 million by the Dallas Mavericks.
This pattern of underpayment has been consistent throughout Doncic's career thus far. The significant disparity between his Real Value and earnings underscores the remarkable impact he has had on the court and his value to the Mavericks.
As Doncic's career progresses, it will be intriguing to observe how his compensation aligns with his extraordinary contributions. Given his ongoing success and potential for even greater achievements, it is likely that he will continue to rank among the most underpaid players in the NBA.
5- James Harden
As James Harden enters the twilight of his prime, his days of being significantly underpaid are in the past. However, according to our Real Value metric, Harden was still slightly underpaid during the 2022-23 season. Despite earning $33.0 million from the Philadelphia 76ers, his Real Value was calculated to be $34.2 million, indicating an underpayment of $1.2 million.
This slight underpayment may have played a role in the hesitancy of Philadelphia decision-maker Daryl Morey to commit to a substantial new contract with the 34-year-old Harden during the summer. Morey's cautious approach led to Harden's trade request, which, as of now, remains unfulfilled.
While Harden's days of being severely underpaid may be behind him, his contributions on the court still hold value. It will be interesting to see how his career progresses and how his compensation aligns with his performance and impact in the seasons to come.
6- Dwyane Wade
Dwyane Wade, a retired player, continues to hold his position in the top 10 list of the most underpaid players in NBA history. Despite being inactive, he remains recognized for his notable contributions on the court. One of the most significant instances of underpayment occurred during the 2005-06 season, where Wade, still on his rookie-scale contract, earned a mere $3.0 million. However, he led the Miami Heat to a championship title, was named an All-Star, secured a spot on the All-NBA Second Team, and earned the Finals MVP award. In contrast, our Real Value metric estimated his true value to be $27.0 million, resulting in an extraordinary disparity of $24.0 million.
This season stands out as one of the most underpaid campaigns for any player in NBA history, as determined by the Real Value metric. Despite his remarkable achievements on the court, Wade's earnings during his rookie-scale deal did not accurately reflect his contributions.
As a retired player, Wade's presence on the list of most underpaid players serves as a testament to his impact on the game and the significant discrepancy between his on-court value and earnings. His exceptional performances and championship success have solidified his legacy as one of the all-time greats in the NBA.
7- Trae Young
Trae Young, the talented point guard for the Atlanta Hawks, made an immediate impact in the NBA, earning All-Star honors in his second year and receiving 3rd Team All-NBA recognition in the 2021-22 season. Consequently, he was significantly underpaid in the early stages of his career before signing a lucrative rookie-scale extension worth five years and $215.2 million in the summer of 2021.
However, the 2022-23 season proved to be a challenging one for the Hawks and Trae Young. According to our Real Value metric, Young was actually overpaid for the first time in his career. Despite earning $37.1 million, our metric estimated his value to be $33.0 million, resulting in an overpayment of $4.2 million by the Atlanta Hawks. Despite this, Young still delivered impressive performances and guided the Hawks to the playoffs, despite the team's tumultuous season that included a coaching change.
It remains to be seen whether Young will reclaim his status as an underpaid player in the eyes of the Real Value metric in the upcoming 2023-24 season. Only time will tell if he can regain his form and continue to excel on the court.
8- Jayson Tatum
Jayson Tatum, the talented swingman for the Boston Celtics, had an exceptional 2022-23 season. According to our Real Value metric, Tatum was actually on track to be the most underpaid player of the season, narrowly missing out to Nikola Jokic, who had another remarkable year. Tatum earned $30.4 million from the Celtics, but our metric estimated his Real Value to be $55.3 million, resulting in a significant underpayment of $25.0 million.
Tatum's exceptional performance on the court justified his high rating in the Real Value metric. He earned 1st Team All-NBA honors, was selected as an All-Star, and led the Boston Celtics to the brink of the NBA Finals, falling just one game short. His contributions were instrumental in the team's success, and his overall impact was recognized by the Real Value metric.
The significant underpayment of Tatum underscores the gap between his on-court value and his earnings during the 2022-23 season. With his continued growth and impressive performances, Tatum is poised to remain a highly coveted player in the league. It will be interesting to see if he can maintain his level of excellence and continue to be recognized as an elite talent in the seasons to come.
9- Kevin Durant
Kevin Durant, a future Hall of Famer, experienced some challenges during the previous season due to injuries, missed playing time, and changing teams. According to our Real Value metric, Durant was actually overpaid by $6.8 million in the 2022-23 season, with an actual salary of $37.4 million compared to a Real Value estimate of $44.1 million.
Despite the perceived overpayment, Durant's on-court performance remained impressive. He continued to showcase his scoring prowess and efficiency, solidifying his status as one of the most efficient high-level scorers in NBA history. Durant's contributions to the game are widely recognized, and he remains a key figure in the league.
Looking ahead to the 2023-24 season, Durant aims to secure his first championship away from his former teammate and fellow all-time great, Stephen Curry. With improved health, Durant is expected to return to top form and compete at the highest level.
As Durant's career progresses, his impact on the court and his pursuit of a championship will continue to shape his legacy as one of the all-time greats in the NBA.
10- Donovan Mitchell
Donovan Mitchell, the talented guard for the Cleveland Cavaliers, had a similar trajectory to players like Luka Doncic and Trae Young in terms of being significantly underpaid during his rookie-scale contract. Despite his All-Star caliber performances for the Utah Jazz, Mitchell did not earn the salary commensurate with his level of play at that time.
Although Mitchell secured a max rookie-scale extension worth $163 million in 2020, our Real Value metric still indicates that he is being underpaid in recent years. In the 2022-23 season, despite earning $30.9 million from the Cavaliers, our metric estimates that Mitchell's true value was $34.7 million, resulting in an underpayment of $3.8 million.
This underpayment is a testament to Mitchell's consistent excellence on the court. In the 2022-23 season, he earned his first All-NBA selection (2nd Team), further solidifying his status as one of the league's top players.
As Mitchell's career progresses, it will be interesting to see if his earnings align more closely with his on-court performance. He has established himself as a key figure in the league and will likely continue to be a force to be reckoned with in the seasons to come.