Nobody is $10 million a year more than anybody...but they are. A 20 pt scorer may well be worth $10 mil than an 10pt scorer. One impacts the game, the other is just a guy. Conley is far from a sure bet. This is not the Chris Paul/Deron Williams draft. He's the best PG available, but sometimes the best PG available isn't really that great. IF Conley is what he may be, then of course its the better deal. But nobody knows. He might end up being the 12pt 6ast PG that every team who has him is looking to replace every year. Mike on the other hand is a sure thing. Everybody knows what he is, and what he is a good starting quality PG. Assuming last year to be any sort of aberration, likely a Top 10 PG.
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With all of the young promising players on the Hawks it would probably be better for them to start taking a shot now. It's always exciting to compile young talented players, but you never know how teams will come together or when players will get hurt. There are plenty examples of young teams that seem poised for success that completley fall apart - Nets circa '97, Nuggets that beat the Sonics as an 8 seed, Dallas in the Jim Jackson-Jason Kidd days. The lesson is you win when you have an opportunity to. The Hawks getting Bibby would make them better immediatley. Assuming that Johnson, Smith, and the Williamses continue to improve they would probably be a playoff team in the East next year and that momentum can build.
The Hawks could draft Conley, but what if he is a bust or his lack of a jump shot keeps the team in the lottery and then Johnson gets hurt and Smith leaves as a free agent because he wants to play for a winner.
Bibby has at least four good years left and several decent ones after. While it might get blasted in the media, the Hawks are probably better off getting Bibby than they are gambling on Conley at #3.