What is insane is that this OP is continually allowed to post in this way... If I started a thread this way, I'd be infracted or banned... time to sort this out.
With regards to the point... AH HELL NO!
Everything you need to know about WHY Jericho is considered the way he is by WWE was shown in this weeks Monday Night Wars show about him, which was one of the better and more balanced shows they've put out. They didn't shy away from the fact he didn't catch on right away or that he came in with a chip on his shoulder. But that WWE made a feature of him beating Trips, something that was previously "ignored" is quite telling.
WWE flat out say in that show that Jericho was a MAJOR reason they won the war... he was the steal they made that caught on, opened the floodgates and once the war was over he continued to improve and became the consumate WWE professional.
If anything he was undervalued for many, many years by WWE and the fans and any redress/rebalancing of that now is wholly justified based on how good some of his latter work has been. He is one of the few to go out and be more than "WWE Wrestler Chris Jericho", he has made impacts on TV, Music and to a lesser extent movies... not to the level of a Rock, but he is the one guy they truly have who is able to juggle his many projects and still WANT to be a regular, active part of WWE when it would be very easy to take a HOF nod and just stop.
Has he always been used right, no! In the last year or so his "bulletproof" status has died, because WWE missed what made it work... they'd occasionally make him the random World champ to recharge it... his last few runs have been jobs galore... and that's depleted the well.
If you want to do a straight comparison of Austin then bad luck, you can't... Jericho came in after Austin was damaged goods in the ring but I would argue Jericho had more natural ability in terms of athleticism, creativity and mic skills than Austin... they faced similar paths, where they were forced into roles not suited but Jericho didn't need to "just be himself turned up to 11" he could come up with stuff to improve his character... once Austin had 3:16 not much changed, he basically added "What?" in 4 years... Jericho went from bland face to "Man of 1004 Holds" to Heel Y2J to Face Y2J and back to heel, each being different and creative. His latter work, where he went the opposite of his original character may, as he said have been influenced by "No Country For Old Men" but he was smart enough to see it... Austin still used the same schtick and would today if he returned.
Austin had bigger impact for sure, but Jericho was the key ingredient in that latter Attitude era... he was the guy who people had liked watching in WCW who became "must see" in WWF and was there for the long haul, not the 4 years Austin was on top for... He had his hiatus' but always came back a bigger "star" cos he'd do Dancing with the Stars or headline festivals with Fozzy or show up in MacGruber...
I am sure Jericho himself now sees himself at a crossroads, that dreaded point of "not being able to be as good, or be allowed to be" is rearing his head... at some point sooner rather than later, he'll call time... but I am sure they will give him the 10th IC before he does, as a "thank you" and he'll then use that to put over a couple more guys over before he goes into the HOF and finally hangs it up... when he does, he will be remembered not as someone overrated, but as a guy who WANTED to do this, DID it better than 95% of those who ever did and who was able to make it outside of the biz... I don't think he's gonna be tearing up Hollywood anytime soon, but he's playing festivals like Download etc in the UK, Rock AM Ring... I could even see Glastonbury before Fozzy dies a death... I could see him as a TV host with another popular show... He's not gonna be an "office guy" for WWE, but I can see him being a part time trainer for them, especially when it comes to mic skills... all this is possible not cos he is overrated, but cos he IS the best in the world at what he does, and he does a lot more than most in the business do... I'd go so far as to put him in the same bracket with Savage... not the A+ grade star, but the solid A that will carry the show for you when A+ isn't around, cool enough or hurt...