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One must first look at the term overrated and analyze it. The word basically means that someone is receiving more praise than they've earned.
But this isn't true. When Romo loses a game, he gets bashed by the networks, writers on this site and by fans. The criticism he gets is unwarranted at times. It's not like every loss is directly Romo's fault.
For instance, the game against Detroit when Romo threw two straight interceptions to turn a 27-3 Dallas lead to a 27-17 lead, was not all on Romo. Dallas still had a two possession lead. The defense didn't do a good job stopping Detroit and the Cowboys eventually lost.
Once again, teams win games.
The criticism he gets after losses can be very over-the-top at times and unwarranted. And when he helps the Cowboys win games, he gets a fair amount of praise. He's definitely not overrated. Nobody puts Romo on a pedestal after each win.
That's Mark Sanchez. The Jets can win despite his play.
Romo deserves the praise he gets. In his 54 wins with Dallas, he has a passer rating of over 105. In his 35 losses, he has a passer rating of 80. This means that if he plays well, Dallas wins. If he doesn't, then Dallas loses. These numbers demonstrate the value he brings to the team.
That being said, nobody ever calls Romo a top-five quarterback or anything of that sort. He's not overrated. He's right where he should be.