It's hard to pin it down, but to me, a max player is a franchise player or one of the best second options in the league. That's what it should be. The maximum salary should be reserved for the best players.
But in today's NBA, I realize that market value determines who should get the max. So in my mind, given the current economic conditions in the NBA, a max player is one with a performance level similar to other max players. If you look at most other max players in the game, they are franchise guys or players capable of putting up big numbers. Most max players are among the best in the game, and if a player of a lower level gets big dollars, most consider his contract to be a bad one for years to come.

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