Norm's contract is a steal only for a team that hopes to contend with him being 3rd or 4th option - which is what the Blazers thought they would be. Instead, when it became obvious that they would not - and with the emergence of Ant - he was replaceable.
It is clear that the Clippers which believe they can contend with KL and PG - believe they got a steal as they do not really have that 3rd / 4th guy which is why they went after him - but I suspect there are not that many teams that really want a 3rd / 4th option on such a long contract - if they are not sure they contend. If you look at the realistic contenders - PHX do not need him, Brooklyn is the same, PHI has enough guards even after the Seth / Simmons trade, MIL and Miami have no need for him nor do the Warriors. Once you get into the not really contenders - I do not see a lot of interest in a 5 years contract for a guy like him - sure he is a good player, but he is not good enough to really commit to for such a long time - which is probably why his value was depressed on the trade market.