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Not $48 million for an old non-defensive center when you paid Tim Duncan $30 million for the same years.
Pau is getting about 13.8% of the cap for the next two years. For your starting center and most consistent post player that is a good teammate (voluntarily going to bench to help the team rather than pouting because he doesn't get to take enough ISO mid range jumpers), that isn't a bad deal.
In 2015, when Duncan made 10mm, he was making about 15% of the cap.
Gasol basically gets 30mm for two years, then 1mm for the third year if we cut him. Not the greatest deal in the world, but not terrible, either.