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I don't think that he is.
I think that Gillespie has proven that he is worth more than a min. deal. He is a good shooter, a quite mistake-free PG and a willing and active defender. He is short but knows his limitations and still founds a way to finish above bigmen.
I would not exclude at all that someone makes him an offer above the min.
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He has less than 20 game resume in the NBA. The more other teams were able to account for him the less effective he was. I like him but he's not worth more than a minimum deal and we better hope he doesn't get any larger offers because we have no bird rights and can't offer him more than the minimum unless we are below the second apron.
I could find dozens of guys making the minimum around the league better than Gillepsie. If he wants to be here and develop then he'll have to accept a deal for the minimum. Keep in mind, Oso makes about the minimum as a 2nd round pick. Dunn as a late 1st rounder makes just a little over the minimum as well. Plumlee, Morris, Tyus, and Bol² were all on minimum deals. The league is handing out more minimum deals now with apron restrictions and less midtier salaries.