Yep. He is grossly underpaid and his high-level of play justifies a major raise no question
The reason I hunker down on the "deserves" comment is it takes market conditions, good-faith negotiations and perceived value to determine what he really deserves. I don't necessarily view the RFA as influencing what he "deserves", but rather an impediment to completely understanding what he would receive in a free market scenario.
For example, there has been speculation that BB does not see Malcolm as a Top 5, lock-down CB. I'm not sure I buy that but its out there nonetheless. On the other hand, rumor is that NO views him as a $14m AAV CB which is clearly Top 5 $.