NBA Free Agency 2012: Best-Value Signings in Otherwise Overpaid FA Class

The 2012 free-agency period has set the NBA ablaze with mega contracts, shocking signings and a handful of trades that will reshape the power structure of this league. But with every great fire comes unfortunate casualties.

In this case, it's the plethora of players who have been overpaid in ways beyond explanation.

In the sea of big-money contracts, however, rest a small group of players who have been signed for much less than their true value would suggest. Fortunately, those players will get the respect they deserve.

From this humble writer, with no monetary rewards to offer them.

Ray Allen, Miami Heat

Position: Shooting Guard

Age: 36

2011-12 Per-Game Averages: 14.83 PER, 14.2 points, 45.3 3PT%

Salary: $6.2 million over two years (Player Option)

Where's the Value?

The Miami Heat hit the jackpot this offseason, landing the best three-point shooter of all time for just over $3 million a year. Does anything else really need to be said?

A player of Allen's caliber and age could have gone for anywhere between $6 and $9 million a year. Instead, he signed for half of that minimum, as he put the hunt for a second career title over his desire for extra dollars.

Miami got a steal; there's no other way to put it.

Jerryd Bayless, Memphis Grizzlies

Position: Point Guard

Age: 23

2011-12 Per-Game Averages: 17.80 PER, 11.4 points, 3.8 assists

Salary: Two years; $3 million in first year

Where's the Value?

The Memphis Grizzlies' greatest void in 2012 was the absence of a secondary ball-handler. This forced the Grizzlies to play O.J. Mayo as a lead guard rather than a 2, forcing him out of his comfort zone and limiting his ability to produce.

In signing Jerryd Bayless, the Grizzlies have turned a weakness into a significant strength.

Bayless has star potential, and at 23, he presents the Grizzlies with a growing force off of the bench. The Arizona alum is an active defender who is always looking to attack on the other end.

His ability to score should make up for Mayo's absence, while his ability to distribute should present a strength they did not have in 2012.

Michael Beasley, Phoenix Suns

Position: Small Forward

Age: 23

2011-12 Per-Game Averages: 13.11 PER, 11.5 points, 4.4 rebounds

Salary: $18 million over three years

Where's the Value?

Michael Beasley is a top-tier talent who, at 23 years of age, has experienced all the highs and lows of an NBA player. He's been traded from the franchise that drafted him, been benched by the franchise that received him, and now he's become the prized possession of an up-and-coming franchise.

So what is it that Phoenix got? A superstar talent with questions about his mental makeup for an average of just $6 million per season.

Call me a gambling man, but I'd say that they've found themselves a bargain with this risky acquisition.

Elton Brand, Dallas Mavericks

Position: Power Forward

Age: 33

2011-12 Per-Game Averages: 18.07 PER, 11.0 points, 7.2 rebounds

Salary: $2.1 million over one year

Where's the Value?

In 2012, Elton Brand posted a higher Player Efficiency Rating than all but two qualified members of the Dallas Mavericks: Dirk Nowitzki and Brandan Wright. He also averaged more points per game than all but two members of the Mavericks: Nowitzki and Jason Terry.

In case you don't see where I'm going, Brand offers the Dallas Mavericks a drastic improvement over their current and past situations. He also happens to be doing so for a mere $2.1 million.

The Mavericks hit the lottery when they acquired Brand off of the amnesty waivers. With the Philadelphia 76ers paying off a vast majority of his deal, the Mavericks are now left with a consistent contributor for as cheap a deal as you'll find.

Daniel Green, San Antonio Spurs

Position: Shooting Guard

Age: 25

2011-12 Per-Game Averages: 15.55 PER, 9.1 points, 43.6 3PT%

Salary: $12 million over three years

Where's the Value?

The San Antonio Spurs re-signed one of the most well-rounded young perimeter players for a mere $4 million a year. If that's not a good deal, I don't know what is.

Green proved capable of containing an elite opponent on defense and hitting the clutch three on offense. He was very responsible with his shot selection, mature with his decision-making and sound in playing off of the ball.

Consider Green the complete package. A package that San Antonio just locked up for three years without spending much money at all.

J.J. Hickson, Portland Trail Blazers

Position: Forward

Age: 23

2011-12 Per-Game Averages: 14.91 PER, 8.4 points, 6.2 rebounds

Salary: $4 million over one year

Where's the Value?

J.J. Hickson struggled through the first half of the 2012 NBA season, thus leading to a weak stat line. Upon joining the Portland Trail Blazers, however, Hickson was a new player.

Hickson finished his Portland campaign with averages of 15.1 points and 8.3 rebounds per game on 54.3 percent shooting. This is the type of production that was expected of Hickson in Sacramento and Cleveland, which offers reason to believe it was not a fluke performance.

For just $4 million in 2013, we're about to see how much the 23-year-old has to offer.

Ersan Ilyasova, Milwaukee Bucks

Position: Power Forward

Age: 25

2011-12 Per-Game Averages: 20.55 PER, 13.0 points, 8.8 rebounds

Salary: $40 million over five years

Where's the Value?

Ersan Ilyasova is a nightly threat to post a double-double. He can score with the best of them when on his game, grab anywhere between 10 and 20 rebounds when focused and has even made strides on defense. As soon as he becomes a more consistent player, he'll be an All-Star.

And to think, he's got a deal that only guarantees him $400,000 in the final year of his contract.

While the deal is for $40 million over the span of five seasons, the fifth year is as advertised: all about incentives. Should he meet them, he'll cash in. Should he fail to reach those expectations, he'll be a low-cost name on a promising roster.

Steve Novak, New York Knicks

Position: Small Forward

Age: 29

2011-12 Per-Game Averages: 15.95 PER, 8.8 points, 47.2 3PT%

Salary: $15 million over four years

Where's the Value?

Steve Novak is the best three-point shooter in the NBA. He led the league by shooting 47.2 percent from distance and tied for third with 133 three-point field goals. Of the other 11 players in the top 12 of three-point field goals made, only Kyle Korver shot greater than 40 percent from distance.

And the Knicks secured his services for an average of just $3.75 million a year.

J.R. Smith, New York Knicks

Position: Shooting Guard

Age: 26

2011-12 Per-Game Averages: 15.27 PER, 12.5 points, 1.5 steals

Salary: $2.8 million over one year (Player Option)

Where's the Value?

J.R. Smith has long struggled to find consistency in his game. He'll go from 30 points on Monday to three points on Tuesday, which has frustrated fans and coaches alike since the beginning of his mercurial career.

One simply can't ignore the fact that when he's on his game, Smith is one of the most unstoppable forces in the NBA.

Through all of this upside, the inconsistency has seemed to plague Smith in a way that he simply couldn't overcome. This has led to the Knicks being able to sign Smith for just $2.8 million with a second-year player option included.

The phrase "steal" is rarely applicable when you land an inconsistent scorer. In Smith's case, however, it couldn't ring more true.