Today, I’m taking a look at the more positive end of the spectrum as we examine the most underpaid players of this NBA season.
To determine that, we’re using our Real Value metric, which is derived from Global Rating, to find out which players have outperformed their 2023-24 salaries. Usually, that type of metric would favor players on their rookie-scale contracts, and there are some of those on this list. But dominating this ranking are the MVP-level superstars who are somehow even outperforming their max contracts.
Find out who exactly we’re talking about below.
Shai Gilgeous-Alexander (Oklahoma City)
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Salary: $33,386,850
Real Value: $75,343,814
Difference: +$41,956,964
According to Real Value, which values his output this season at $75.8 million, the most underpaid player in the NBA in 2023-24 has been Oklahoma City Thunder star Shai Gilgeous-Alexander, who has elevated his play to borderline MVP levels this year while putting up 30.4 points, 6.2 assists and 2.1 steals on 53.9 percent shooting.
Gilgeous-Alexander is in the second year of his rookie-scale max extension from 2021, which will pay him $179.3 million over five years, ending in 2026-27 when the Canadian guard will earn $40.8 million. What’s wild is that with the rate at which Gilgeous-Alexander has improved since getting to Oklahoma City, he’s set to be seriously underpaid in 2026-27 even when he’ll be earning nearly $41 million.
The former Kentucky standout isn’t the player with the highest Real Value this season, however, as that honor belongs to the next player on our list.
Nikola Jokic (Denver)
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Salary: $47,607,350
Real Value: $88,246,544
Difference: +$40,639,194
MVP anyone?
Denver Nuggets megastar Nikola Jokic certainly makes a strong case, as he has averaged 26.6 points, 12.4 rebounds, 9.0 assists and 1.3 steals on 58.1 percent shooting. Our Real Value metric agrees with Jokic winning MVP (for a third time in his career), as the stat has Jokic’s output valued at $89.0 million for 2023-24, the highest mark of any player.
The only reason Jokic didn’t finish first in this ranking is that his actual salary for this season is $47.6 million, a fairer amount than what Gilgeous-Alexander is getting from the Thunder, though still an underpay of $41.4 million by the Nuggets.
Jokic is under contract through 2027-28 when he has a player option on the final year of his deal worth a whopping $62.8 million. What’s crazy is that Jokic, who will be just 32 by then, might be better served opting out of that absurd sum of money and hitting free agency again for an even bigger contract that offseason.
Just don’t be surprised if Jokic is underpaid on that contract, too.
Anthony Edwards (Minnesota)
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Salary: $13,534,817
Real Value: $49,013,840
Difference: +$35,479,023
On the final year of his rookie-scale contract and earning $13.5 million this season, Minnesota Timberwolves 2-guard Anthony Edwards is set to get a huge raise starting in 2024-25 when his five-year max extension, which could be worth up to $260 million, kicks in.
Even so, if Edwards maintains this level of play or improves on it (which seems likely) next year, he’ll still be considered underpaid according to our Real Value metric, which has him valued at $49.5 million for 2023-24. Edwards is set to earn $35.3 million next season, meaning he’s currently even outperforming a max-level salary – he’s been that good this year.
The former No. 1 overall pick is enjoying a career year and looks like a lock to make either 1st or 2nd Team All-NBA, as he’s putting up 26.3 points, 5.5 rebounds, 5.2 assists and 1.3 steals per game on 46.2 percent shooting.
Luka Doncic (Dallas)
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Salary: $40,064,220
Real Value: $74,613,937
Difference: +$34,549,717
Earning $40.1 million this season, Dallas Mavericks superstar Luka Doncic is being underpaid by $36.2 million, according to our Real Value metric, which values his output in 2023-24 at $76.3 million.
Making a late but serious charge at MVP for this year, Doncic has had a spectacular season, averaging a league-leading 33.9 points per game to go with 9.2 rebounds, 9.8 assists and 1.4 steals on 48.7 percent shooting, 38.2 percent from three (a career-best mark).
Even if it doesn’t happen his year, it feels like just a matter of time until Doncic breaks through and takes home regular-season MVP honors, as his play only continues to improve as he hits his mid-20s. The Mavericks being a healthy 50-30 this season has also helped his case.
Either way, even if he doesn’t win MVP this year, the fact that Doncic is still the third-most underpaid player in the league in 2023-24 despite already on a max contract is extremely promising for Dallas’ future as a team.
Tyrese Maxey (Philadelphia)
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Salary: $4,343,920
Real Value: $38,784,576
Difference: +$34,440,656
Like Edwards, Tyrese Maxey appearing on this list has more to do with him still being on his rookie-scale contract and less to do with his actual Real Value.
Now, that’s not to say Maxey hasn’t been great this season, as the Philadelphia 76ers star is making an All-NBA push on the campaign. It’s just that his Real Value pales in comparison to some of the MVP-level guys on this list.
Regardless, Maxey deserves a ton of credit for developing into an All-Star guard and keeping the Sixers afloat this season in Joel Embiid’s injury-related absence. On the year, the former Kentucky standout is averaging 25.9 points and 6.3 assists while shooting 44.8 percent from the floor, which Real Value deems worth $38.5 million, a $34.1 million difference from his actual salary this year of $4.3 million to make him one of this 2023-24’s most underpaid players.
Giannis Antetokounmpo (Milwaukee)
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Salary: $45,640,084
Real Value: $78,133,484
Difference: +$32,493,400
Do you know how good a player has to be to be earning $45.6 million this season and still be considered underpaid by $34.2 million, according to Real Value? They have to be Giannis Antetokounmpo-level good, who’s accomplishing just that in 2023-24. The two-time league MVP is putting up 30.4 points, 11.5 rebounds, 6.5 assists, 1.2 steals and 1.1 blocks on 61.1 percent shooting this season, otherworldly numbers even by his illustrious standards.
It’s scary to think about what Antetokounmpo would be if he just had a reliable off-the-dribble or three-point jumper but even as is, he’s an all-time great, a first-ballot Hall-of-Famer and somehow one of the most underpaid players in the league despite being on a huge contract.
Antetokounmpo is under his current deal until 2027-28 when he has a player option on the final year of his contract worth $66.8 million, a mark that Real Value believes the Greek Freak is still outperforming this year, based on his $79.9 million Real Value.
Unreal output by one of the league’s best-ever players.
Tyrese Haliburton (Indiana)
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Salary: $5,808,435
Real Value: $36,482,575
Difference: +$30,674,140
Another player on the final year of his rookie-scale contract who’s about to see his contract size explode, Indiana Pacers point guard Tyrese Haliburton, in the eyes of Real Value, has been underpaid by roughly $30.7 million this season, making him one of the most underpaid players in the league.
Haliburton is averaging 20.3 points, a league-leading 10.9 assists, 4.0 rebounds and 1.2 steals per game in 2023-24 on 47.7 percent shooting. And if not for a mighty cold streak from beyond the arc (Haliburton has hit just 30.4 percent of his triples over the last 24 games), he’d likely rank even higher on this most-underpaid-players list.
Depending on if Haliburton makes All-NBA this season, which is starting to look like a stretch, his next contract will be worth either 25 percent of the salary cap (five years, $206 million) or 30 percent of the cap (five years, $260 million).
Either way, this is probably going to be the last year for Haliburton to find himself on a ranking such as this, as it’s unlikely he’ll be outperforming his future contract the way he has his rookie-scale contract unless he takes another massive leap as a player.
Jalen Brunson (New York)
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Salary: $26,346,666
Real Value: $55,607,548
Difference: +$29,260,882
Jalen Brunson, averaging 28.6 points and 6.7 assists on 48.0 percent shooting (40.2 percent from three), has become one of the best scoring point guards in the NBA, one who has been underpaid by $29.3 million this season, according to our Real Value metric.
Brunson will be eligible for an extension next season, which the Knicks would probably love to lock him down to, but if he waits to hit free agency instead (that would happen in the summer of 2025) to re-sign in New York, he’ll be eligible for roughly an extra $100 million, so it’ll be interesting to see which route the former Villanova standout decides to take.
With either contract, Brunson will still probably be underpaid, especially considering he’s still improving year over year, so Knicks fan need not worry as it is all but certain they’ll have their franchise cornerstone for many years to come.
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Paolo Banchero (Orlando)
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Salary: $11,608,080
Real Value: $38,177,301
Difference: +$26,569,221
Former No. 1 overall pick Paolo Banchero has been great for the Orlando Magic, turning a franchise that was floundering for some time into a playoff-level team by just his second season.
On Year-2 of his rookie-scale contract, Banchero has been of tremendous value to Orlando this season, outperforming his deal by $26.6 million, according to Real Value, to make him one of this campaign’s most underpaid players.
The former Duke Blue Devil is averaging 22.5 points, 6.9 rebounds and 5.4 assists on 45.5 percent shooting in 2023-24 while earning All-Star honors for the first – but certainly not last – time.
If Banchero takes another leap in 2024-25 (extremely likely), he’ll rank even higher up this list of most underpaid players when we repeat this exercise in a year, especially since he’ll still be on his rookie-scale contract while performing at an All-Star clip – if not higher.
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Jalen Williams (Oklahoma City)
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