1. Stephen Curry ($55.8 million)
There's very few situations where you could state that paying $55.8 million for a 36-year-old is an underpay by any means. Fortunately for the Warriors, Stephen Curry is a remarkable exception.
As was the case when he was at the top of this list last year, Curry remains Golden State's most valuable player for than just on-court reasons. Just imagine where this franchise would be without the 2x MVP on the roster -- an incredibly dire situation indeed.
That, and the fact he remains arguably a top 10 player in the league, already makes him underpaid to begin with. Add in the marketability factor and the amount of revenue ownership generates from Curry, and you have someone who's worth more than what he'll get paid next season relative to NBA terms.
Put it this way -- would the Warriors (or another rival team) pay Curry more than they're legally allowed to if given the opportunity? Yes they would. The 10x All-Star is eligible to sign a one-year, $62.6 million extension this offseason -- a deal that would be for the 2026-27 season. When asked about it last month, General Manager Mike Dunleavy Jr. responded by stating, "that guy, whatever he wants."
Curry has the league's highest salary next season, yet despite no longer being legitimately in the argument for the best player in the NBA, the combination of on-court production and stature at the franchise has him classified as underpaid.