Tony was never THAT underpaid. Just compare his earnings to Manu and TIM in similar years and divide it for either winshares or per or what you want.
For example:
Tim Duncan: Total career earnings 235 millions, years, 19, average salary 12.37 millions, career win shares per 48 .2019 (13 all time) Total Win Shares 206.4. (6th all time) Win Cost (total earnings divided by total wins) 1,14 millions.
Manu Ginobili: Total career earnings 108.5 millions, years, 14, average salary 7.75 millions, career win shares per 48 .2002 (21 all time) Total Win Shares 101.2. (71 all time) Win Cost 1,07 millions.
Tony Parker (AS OF NOW): Total career earnings 130.9 millions, years, 15, average salary 8.72 millions, career win shares per 48 .1469 (118 all time) Total Win Shares 105.29. (67 all time) Win Cost 1,27 millions.
So as of now Tony has been the best paid of the 3 by production, without considering the next 2 years, now, heres what will look like assuming tony doesnt decline one bit, givig him 5 more win shares (average for his last 2 years) per year.
Tony Would be payed this way.
Total career earnings 161 millions, years, 16, average salary 10.06 millions, career win shares per 48 -cannot be calculated- Total Win Shares 110.29 Win Cost 1,45 millions.
So, finally, my point is, he was not UNDERPAID, compared to neither Manu or Tim and what they brought, as of now, neither overpaid. IF HIS CONTRACT EXPIRED NOW. These two years will put him with an average salary 30% more expensive than Manu, and also his "wins" will be the most expensive of the 3 (evendoe they already are, but by a normal margin.
By the analisys you can either agree that he was well paid, or a bit overpaid, depending on where you put him compared to Tim and compared to Manu, but what cannot be said, is that he was UNDERpaid, compared to the two.
PD: Stats data taken from Basketball-reference.com and contract Data from Spotrac.com.

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