Current market value for a contract that big assumes franchise QB that is healthy. KW is neither of these. He needs to play like an MVP to be worthy of that kind of contract.
I think there have been far too many variables to conclude that Warner "isn't" a franchise QB anymore.
I fully understand the concern and can see the argument based on the preseason and first half against SF but I think at some point there is too much outside the QB position to really identify just exactly where Warner is right now.
I wont go over the whole laundry list but I think the SF game was summed up pretty well by Fitz dropping two passes. The offense is feeling a ton of pressure to live up to last year and the whole unit was out of rhythm(death for Warner) and didn't have their collective heads in the game. Throw in missing 1 & 1/2 starting WR's to injuries and I'm willing to hold off judgment on the offense and Warner.
Whis has said that he had the offense scaled way back and wasn't letting Warner run what he wanted to run in preseason and having Breaston and Boldin gone for most of the preseason and into the first game is having a negative impact. Significant enough IMO that Warner "may" not be struggling as much as it seems.
It's a strength and weakness of his game to have such a symbiotic relationship with his receivers. When they're all dialed in, the offense runs great. When Warner's not confident in the routes/reads that his receivers are running, his game suffers.