If this summer's 2012 NBA free agency period had one inevitability or theme, it was overvaluation. Players signing contracts more than their worth was a simple matter of supply and demand economics.
On the supply side, the market has been exclusively comprised of young skill-set players or veteran stars who are well past their prime.
On the demand side, various underachieving teams from last year have been under pressure to somehow improve their rosters for the following season (e.g., the "win now" mentality).
Additional pressure to make hasty acquisitions this year have come from the NBA's punishing collective bargaining agreement. In 2013-14, new luxury tax rules will kick in that will force teams to pay a greater than 1:1 ratio for every dollar they exceed over the cap.
In summation, teams have competed hard to obtain these seemingly scarce players, even if it means overvaluing them.
Here are the grades of five overvalued player acquisitions.