Posted by Sabrina B. @gametimegirl

Most, but not all, was lost for Cleveland Cavaliers owner Dan Gilbert last summer when LeBron James spurned the team and took his talents to South Beach.

Forbes released figures this week showing James was the most underpaid player in the NBA last year, making $15.8 million a year. In the report, Forbes used players’ salaries from 2009-10 and juxtaposed individual statistics alongside how many wins the team produced in the season.

Specifically factoring into the report was sports economist David Berri’s statistical formula that uses the following for each player: points, rebounds, turnovers, steals, assists and shooting percentages per team possessions in a game

The report determined NBA teams spend an average of $1.7 million per victory on a player; after all the number crunching was over, Forbes reported that James brought 27.2 wins to the Cavaliers, worth a total of $46.5 million — giving Gilbert and the Cavaliers a net gain of $30.7 million on King James, above any other player in the NBA.

Kevin Durant of the Oklahoma City Thunder and Rajon Rondo of the Boston Celtics were next in line as the most underpaid players.

Interestingly enough, the list was not limited to young players living off early career contracts either. Jason Kidd of the Dallas Mavericks came in fourth place, averaging 10.3 points, 9.1 assists and 5.6 rebounds in his 16th NBA season.

So, how much solace will Gilbert get from the report? Not much. The Cavaliers are 2-8 in their last 10 games with a 7-15 overall record this year. Meanwhile, James and the Heat are coming into their own, riding a six-game winning streak with a 15-8 record on the season.

By Hal Spivack