3rd highest, behind Bonds and Pujols.
Slightly overpaid, but the Braves are in the ideal financial position for a long-term contract (high salaries coming off the books in the next year or two in Lowe, Hudson, Chipper, McLouth, KK, and stars expected to be on arbitration 2013-2015), so it's a very smart move.
The downside is Uggla is the type of player whose value could dissapear quickly, a la McLouth. Also, the Braves need OFs badly. Unless Schafer lives up to the old hype, they will likely need to sign a FA OF next year, who will probably have to be overpaid as well. But that's probably their post-Chipper plan.