Overrated is just a word. The definition in sports basically means they are getting much more media than they deserve or aren't as good as made out to be.
They do fit both descriptions.
For the media, the Phillies are one of the teams that get a lot of time with ESPN. I know ESPN is a business but often, they are what make people think teams are overrated. When a team has stars like Roy Halladay, Ryan Howard, and Chase Utley, they will get plenty of media attention. And I'm not saying it's the Phillies fault.
Also, they really aren't as good as they are made out to be. I realize they have seven players on the DL but I don't think any of the Phillies starters should be starting in the All-Star Game. Injuries should never be made as excuses and they are not performing like they were predicted to perform.
BQ: I can't say for sure......both are very valuable. I think it actually depends on how the rest of the team performs.
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To answer your rephrased question:
Injuries are unfortunate. However, they are a part of the game. The Phillies are still performing worse than expected and after all of the hype, they could be classified as overrated by some.
I do consider the Phillies overrated compared to how much media attention they get. That doesn't mean I don't think they are good.
Also, I betcha the "excuses" was aimed at me? I do realize who on the Phillies is injured (I can't name all seven but I know about Utley, Polanco, Ruiz, and one more, just can't remember the name now.......). I guess this is mostly my personality but I don't believe in small excuses. I believe injuries are unfortunate but the Phillies could still compete with injuries.