At the time, Mike Conley hadn’t been an all star yet (he’s also only been an all star once in his career). I’d say it was an overpay, but every young NBA star gets the max nowadays so it’s just kinda market value

But still, despite being a one time all star, Mike Conley is good and every team that has him loves him. So his contract isn’t bad like say, Davis Bertans/Chandler Parsons/John Wall