In a league where a single-season salary can now eclipse the GDP of a small economy, Stephen Curry has sparked a firestorm by suggesting that NBA superstars are, in fact, “underpaid.” Despite signing a one-year, $62.6 million contract extension in 2024 that makes him the first player in history to cross the $60 million annual threshold, the Golden State Warriors icon suggests NBA players are getting shorted. He believes the current compensation structure fails to account for the exponential rise in league valuations since the $76 billion media rights deal. His radical suggestion didn’t just surprise the average fan. But also one of his peers.

“The idea that we can’t participate in equity while we’re playing is a part of why I would say yes, we are underpaid, because you want to be able to participate in that rise,” Curry stated in an interview with Front Office Sports.

The comments immediately drew a reaction from former NBA Sixth Man of the Year Lou Williams. Speaking on Run It Back, Williams admitted he was stunned by the source of the claim. Despite his shock, he supported the broader conversation.

“I wouldn’t say underpaid. But if there’s an opportunity to be paid more, who doesn’t want to be paid more,” Williams remarked. “I’m a little shocked at who it came from, but I’m also happy it came from Steph Curry because when you consider the source… it gets taken in a different way. I don’t agree with the underpaid part, but if we can get paid more, let’s get paid more.”

 

Lou Williams, who earned approximately $85.7 million across a 17-season NBA career, believes that it’s meaningful coming from the highest paid player in the league right now. Curry and his peers like Williams are not going to benefit if the CBA’s revenue-sharing structure is recalibrated in the near future. But it could better the conditions for the future players entering the league.

Why Stephen Curry’s uncomfortable conversation needs to be had

When Stephen Curry talks about being underpaid, the focus immediately goes on his nine-figure earnings of the past years. While the figure sounds astronomical to the average fan, Curry argues that players are missing out on the true “upside” of the multi-billion dollar industry they carry.

He noted that while player salaries have grown significantly, the league’s revenue and team valuations have increased by “probably 10x” across eras. “I feel like hopefully sooner than later those rules change a little bit so that players can participate more in the upside of team equity, the league valuations… just because we—I think we deserve it.”

Curry’s “underpaid” stance is rooted in the staggering growth of the NBA’s financial footprint. The league recently secured an 11-year, $77 billion national media rights deal, which is set to nearly triple the annual television revenue starting in the 2025-26 season.

Under the current Collective Bargaining Agreement (CBA), players are guaranteed roughly 51% of Basketball Related Income (BRI). However, as team valuations soar, with franchises like the Warriors now valued at over $11 billion by Forbes, players remain strictly prohibited from owning equity in the teams they play for. Those who agree with Steph point to the gap between the the liquid salaries paid to players and the capital gains enjoyed by owners.

Curry has earned around $470 million in salary alone and is expected to cross the half billion point next season. The figure represents a small fraction of the Warriors’ overall valuation growth during his tenure. Curry’s argument suggests that without an equity stake, players are merely high-level employees in a partnership where the owners retain all the long-term assets.

For Lou Williams, the importance of Curry starting this dialogue is vital for the next generation despite the shock value. “This might not be something he benefits or our era of players may benefit from,” Williams noted, “but if he can start the conversation and it can go somewhere else… then I’m good with it being had.”

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