Here is the top ten for this season if anybody is curious.
http://sportige.com/2010-2011-biggest-contracts/
About half of those guys are UNDERpaid in terms of value they create to the franchise. How do you put a price on what Kobe, Pau, KG or Tim Duncan have done for their respective franchises? Ditto for LeBron, Wade, Chris Paul etc etc. They all get paid the max but would you doubt that the Knicks would pay $50 million/yr for LeBron right now, if they were allowed to? Of course not. He'd make that money back for them and more too.
Of the rest, well, the injured guys like Yao and Michael Redd seem like a waste of money at first, and the idiot who wrote that piece seems to agree. But he's not taking into account that the teams all have injury insurance up the ass, and they typically get injury exemptions from the league as well so they can sign replacement players (not that you can easily replace those guys but hey...that just helps make my case that they're appropriately valued). If you're a small market team like Toronto or Milwaukee, you're going to end up paying a gazillion dollars to retain your All-Stars, or else you'll be in the cellar forever. This is just a fact of free agency.