I posted this on the Trade Thread but I think it really belongs here where we have been discussing the future contract of John Wall:
Dat2U wrote:And he might be only 22 yrs old working his way back off of injury. This panic regarding what type of contract he'll command is absolutely silliness. If he continues to regress, then that's the least of our concerns. If he rights things and really begins playing well, then well have a choice to make. It's like people want to make an issue were one really doesn't exist.
It's not "panic".  It's merely a consideration when assessing Wall's value as a player on this team in the future, versus his value as a trade asset.  The contractual history of under-performing #1 #1 picks isn't pretty.  Here are the dollar values for the second contracts given to disappointing #1 #1 picks over the past 15 years:
2006 draft - Bargnani - 5 years $50M - currently acknowledged as one of the worst contracts in the league
2005 draft - Bogut - 5 years $60M - has been an albatross contract for 2 years because he can't stay healthy
2001 draft - Kwame - 3 years $28M - played about 700 minutes a season and posted a PER of 10
2000 draft - KMart - 6 years $92M - a max contract for average production, PER around 15
1998 draft - Olowokandi - 3 years $16M - a backup, posting a PER around 10
Basically, all of these guys ended up overpaid.
Of these players, I'd say Bargnani is the closest analogy to Wall.  Like Wall, Bargnani was thrust into a role as savior of a bad franchise and received all the minutes he could handle.  He produced decent counting numbers but with minimal efficiency and was never considered a winning type of player.  Nevertheless, Toronto fans and management faithfully believed that the "break out" was right around the corner.  It never happened, and he ended up grossly overpaid.  
In a best case scenario, we get another KMart situation. Kmart panned out to be a quality starter and handled his role well.  Unfortunately, he was paid like a superstar.  That's not an awful scenario.  Denver managed to be very productive during that time frame.  But one wonders what Denver could have done had they not spent the money (and picks) that it took to acquire him.  During his tenure in Denver, I'm sure they would have gladly traded KMart for a high lotto pick and cap relief (which would be what we would be looking for if we trade Wall now).
I don't think the Kwame/Olowokandi analogies hold because everyone knew by the time their rookie contracts were up that that they were busts (and yet they still got paid).  I don't think that will be the case with Wall.  There's no way he ends up signing a contract in the $6-8M per year range.
(Note, the other #1 #1's were true max players who's second contracts were bargains: Howard, James, Ming, Brand, Duncan, Iverson.)