Not one of Hollinger's finest moments, IMO.
For starters, the "overpaying" thing: I don't think it's correct to analyse free-agents signing in abstract. The free-agency market, like any other, operates under the law of demand and offer. If the offer is scarce, prices will raise. This free-agency pool was extremely weak. That's why every serviceable player got a big contract: Diop, Beno and Posey got the full-MLE; even Duhon got a $11M/2 years contract.
For example, Hollinger states that:
"I have two other problems with this signing from the Hornets' perspective. First, it doesn't address their main weaknesses. New Orleans badly needs additional frontcourt depth and it seemed only reasonable that it would use the midlevel exception to address that need."
This is a flawed reasoning, because there are no frontcourt players in the FA market who are worth part of the MLE (with the possible exception of Thomas) over guys who can be signed with the minimum. I mean, what's the point of offering Elson a $2M contract and then be forced to keep Bonzi - that your coach didn't trust enough to play more than 8 minutes in the decisive games last season - in the wings, if you can get Earl Barron or some other guy for the minimum? Use the midlevel exception on who?
Then, who really cares if there's a risk of Posey being unplayable when he's 35? Hollinger is wrong when he says that NO is paying Posey's production for the next 4 years. They are paying him in the next 4 years for his production in the next 2/3 years and his expiring in the 4th.
And finally, you have this:
"But those strengths need to be seen in the context of the bigger picture. The guy has all but abandoned shooting anything besides a 3 -- two-thirds of his shots were triples, the fourth-highest rate in the league and the highest among nonguards -- so despite the 3s, he's a fairly inert offensive player."
What Hollinger is missing is that Posey's the ultimate role player. Hollinger usually says some crazy things about role players because stats are blind to the concept. A big part of Posey's offensive game was precisely bringing the spacing to the table. This doesn't translate to stats, but that's what Riley and Doc asked him. Last season he was basically a weakside spot-up shooter, so of course most of his shots were going to be triples. For instances, Ray Allen usage rate decreased almost a third last season. Hollinger would see this as a caveat. But he would be wrong, it was merely a consequence of the Celtics' offensive system. Personally, I don't agree with those who say that we need scoring from the bench. I'm much more worried about our need for someone who provides spacing coming off the bench.