Let's compare Rasheed Wallace to the big men who signed some of the bigger contracts just after Sheed was taken off the free agent board by the Celtics.
Would the Celtics have been better off with Antonio McDyess (who reportedly didn't want to go to Boston anyways) or Brandon Bass?
I don't know about McDyess, but he's certainly a better rebounder than Rasheed. Bass didn't really have the size we needed defensively, but he would have brought just as much, if not more, than Rasheed (he produced more on a per-minute basis), and we would have had around $1.8 million to sign on other free agents (i.e., Matt Barnes).
There were other options, as well, of course. Chris Andersen signed a fairly reasonable deal; if we'd offered him Rasheed money, would he have taken it? Ben Wallace was more productive than Rasheed on the boards and in terms of defense, and he signed a minimum contract.
Signing Rasheed made sense at the time, but in hindsight, I find it hard to be happy with the production he gave for the contract he signed.