I think professional sports teams bring soooo much revenue to a city that it's really hard to argue they are overpaid. Better players generally make better team a better team brings more fans, ticket sales, out-of-towners using hotels, restraunts etc. Not to mention the number of jobs created around teams and the small business's that are created etc. Oh and payroll tax, television revenue, apparel sales - list just goes on.

Yes, atheletes are paid a LOT of money, but they generate so much more it's hard to say they are overpaid. I'm not an accountant/economist or anything, but would venture to guess if teams were not good for a city economy (with the pricetag of the athletes and stadiums that go along with them), then cities would not fight so hard to attract and keep them.