The alternative was Billy Owens and Steve Francis situations. I believe the NBA was actually ahead of the curve in this regard since JaMarcus Russell happened in 2007 although the NHL did it in the mid 90s after their lockout.
In reality its just the top 3 picks that are dramatically paid more than the rest of the top 10. One more reason that if we wanted Bagley so much we could/should have traded down with Dallas. If he had been picked at 5 and was only making around 6.5 million right now it would be MUCH easier negotiating an extension since you wouldn't start with "pay cut".