Giants quarterback Eli Manning is coming off two of the best seasons of his career, and is about to enter his third year in head coach Ben McAdoo's system. Couple that with the fact he has won two Super Bowls, and Manning is well-compensated by the Giants.

But that doesn't add up to his large salary, if you ask Pro Football Focus Director of Analytics Nathan Jahnke.

Jahnke put together a list of the NFL's 10 most overpaid players for ESPN, comparing their actual 2016 cap hits to the monetary value Jahnke's proprietary performance-based value model assigns to the player.

And Manning, a frequent PFF whipping boy, comes in at the top as the most overpaid player in the league.

Here's how Jahnke explains his stance:

It's Manning's second straight year on this list. Since last season, his cap hit has increased, while his play continued to decline. He is still one of the 32 best quarterbacks in the NFL and still worthy of starting quarterback money, but he is getting paid like a top-five player at his position, in average value per year. In recent years, Manning's passes have been getting shorter, from an average depth of target of 10.1 yards in 2013 to 9.2 in 2014 to 8.1 in 2015.

You would expect his accuracy to go up with that decrease, but his completion percentage was lower in 2015 than in 2014. When under pressure, he completed only 49 percent of his passes, which ranked just 24th overall. His touchdown totals remain high, but that has more to do with Odell Beckham Jr. than with Manning. Although Manning isn't playing so poorly as to deserve being benched, he definitely is not living up to his salary.

Manning topping the list is not a surprise. PFF's quarterback data, which is somewhat divisive around the league, is never kind to him. Manning was PFF's 26th-ranked quarterback in 2015. They aren't big fans of him over there.

And, PFF does make some valid points to back up its assessment of Manning. They point to his accuracy, specifically under pressure, and the fact he made 30 "turnover-worthy" plays in 2015 - the same sort of argument some are using to rebut Ryan Fitzpatrick's contract wishes in his standoff with the Jets.

But here's the thing: While Manning best falls in the Nos. 8-15 quarterback ranking range, depending on who is doing the ranking, he and every other star player in the league get paid based on what the market provides them. Especially when the player is a quarterback, the position that has proven to be the difference between a team being a frequent playoff contender and participant, and being the Cleveland Browns.

The Giants have not made the playoffs the last four seasons. But with the exception of his 27 interception season in 2013, Manning has been pretty steady during that drought. He made the Pro Bowl in 2012, and has had two of his best seasons the last two years, with another Pro Bowl trip last season.

And, while they feel like they happened ages ago, there are also the two Lombardi Trophies in the lobby at the team facility. And the 183 straight regular season starts. And Manning's status as the unflappable, never-in-trouble Face of the Franchise.

The Giants aren't just paying Manning for what he does inside the white lines on Sundays. They are paying him for everything he brings to the organization, and based on what other NFL teams are paying their quarterbacks.

So yes, when you boil it all down and compare Manning to every quarterback in the league, and then every other player in the league, his 2016 cap hit of $24.2 million (second-biggest in the NFL to Drew Brees' $30 million) does seem a bit exorbitant in a vacuum. Jahnke says Manning is worth just $9.6 million according to his projection, meaning the cap hit is over $14 million too rich in his opinion.

(Aside: Manning's cap number is high in 2016 because it's his first year of a new four-year extension. In 2017, his cap number is scheduled to be less than such luminaries as Dolphins quarterback Ryan Tannehill and Eagles quarterback Sam Bradford. So don't get too bent out of shape about a cap hit)

But Manning is not paid in a vacuum. He is paid as a two-time Super Bowl-winning MVP/quarterback, who has never missed a game for one of the league's flagship teams in the biggest media market, coming off two of the best seasons of his career.

The Giants are just paying Manning what it costs to keep him, a franchise quarterback, on their team for the remainder of his career. When you consider the alternative - and the Giants have seen the alternative play out across town for 40-plus years - it's not a bad deal at all.

James Kratch can be reached at jkratch@njadvancemedia.com or by leaving a note in the comments below. Follow him on Twitter @JamesKratch. Find and like NJ.com Giants on Facebook.