It may not be on the pedestal of the likes of The Sopranos, The Wire, Breaking Bad and Mad Men but it's still considered by most critics (and most of the people who have seen it) to be one of the best shows ever. The main problem is that it hasn't developed a cult following like many under-watched shows do after they end. I think that mainly has to do with football being at the center, being set in the south and it not being considered an edgy, groundbreaking show. Sentimentality doesn't get you any cool points. It's definitely in my top 5 best TV dramas ever.
I'd certainly rate it higher than Mad Men which was a little empty in retrospect. But I've also noticed a significant bias against it - set in Texas, about football - even early on by some major critics. Like it was the show Sarah Palin liked, which could not be further from the truth.
The biggest problem for Mad Men's legacy is that more than any other high quality cable drama it so closely followed the template of The Sopranos. It can feel like a carbon copy. There's hardly anything legitimately original in its DNA. Yet, unlike The Sopranos I didn't get a ton out of re-watching it. Furthermore, season six and both parts of season seven are redundant, overextended seasons that have nothing new to add to the show's universe. It really should have ended with six seasons. I also don't adore Breaking Bad as much as some. It was a frequently great show but it just as frequently undermined its characters and its logic for the sake of being cool and shocking. Both shows are two of the best, but they're not at the top for me.
The Sopranos and The Wire are my golden gooses, followed by FNL and Deadwood. I would have The Shield up there if not for its iffy first few seasons. The Shield, Buffy and Battlestar Galactica are shows that were brilliant at their peaks but were too inconsistent to be absolute top tier dramas.
Underrated? Everyone who speaks of this show says how incredible it is. I went in with very high expectations, and I have to say I've been disappointed. I personally think it's way overrated. Minka Kelly alone ruined the first three seasons for me.
The storylines were repetitive, even to the point of flat out doing exact same scenes, just with different characters. Mrs. Coach was unbearable in season 2. Throughout the show she constantly came off as a naive, immature teenager. Seemingly every game played came down to some last second play, which got annoying in season 1.
I think this show is built on a couple emotional scenes every episode, surrounded by crap. My favorite parts where anything involving Riggins and Saracen. Then they surrounded Riggins with annoying characters like Lyla and Becky. They killed the Saracen/Julie thing twice so far(I'm at the end of season 4), which that relationship was easily the best thing about the show. I don't know, I'm just very disappointed. Thought it would be great.
It is underrated as in terms of gaining viewers. Those who watched it speaks highly of it, but those who never watch it would care because they think it's about rednecks and football. I hear of Orange is the New Black, Scream Queens, and all those flamboyantly advertise show that are not as good as FNL but will get more attention. This show does not get the attention it deserves. It's basically a hidden gem.