Is this saying a compliment?

When a sports announcer says, “So and so is as good as anyone in the league” is that a compliment?

Here is how it was used, when I last heard it. A player takes the ball away from the other team for a steal and the announcer then uses the cliche.

Why do I feel it makes the player sound mediocre? Instead of what I think the announcer is really trying to say?