Present valuation is the sum of future expected performance. The original quote I responded to said that Thomas had earned a contract based on his past performance, which is wrong. You pay a player for his future performance, and the Seahawks didn't think he was worth what he was asking for. And you bring up incentives, well Thomas didn't want incentives, he wanted big guaranteed money which is exactly what nobody will give a 30 year old DB with injury issues. Base pay is based on your resume when it's expected that you can continue that performance into the future, and nobody believed Thomas could do that.
Don't take it from me, look at how Bill Belichick runs his team.