I think that (in order to determine if "overpaid" might be an accurate description) a more relevant analysis would be looking at salary growth over the years.

< All the while, keeping in mind that 2/3 of the league is unprofitable >


Since 1991, which is not really that long ago, average salaries have gone from:
271,000 to 2,440,381 (so a multiple of about 9)

Too long of a timeframe?

Ok, how about from 2007...

Since 2007, average salaries have gone from:
1,666,063 to 2,440,381 (so an increase of about 46.5%)


In the past 5 years, average salaries have increased 46.5% while 2/3 of the franchises currently lose money, and the PA has the audacity to say in negotiations "what have the owners given us?!"

Hilarious.