Most Overrated: Reggie Bush
He was overrated as a prospect. In contrast, when most people look at the career that he had with the Saints, I think that he is appropriately rated, and maybe even given a little too hard of a time.
Most Underrated: M. Colston
Not with the fan base, but nationally he has to be one of the most underrated players in the league. I guess there are lot of wide receivers putting up good stats in this era, but it is still hard to understand how he hasn't made it to a pro bowl yet.