I mean, obviously all of that is true, but I think wideout is probably the most easily replaceable position in football honestly. There are so many guys that can be solid and fill the role of a #2 or #3 receiver. Guys already on our roster, guys in the draft, guys buried on other rosters, free agents, etc. When watching more, he's clearly solid and could fill in as a decent #2 or #3 guy, but so can LaFell, Ginn, maybe even Hixon, etc. However, I personally don't think he's a #1 star receiver. Any one of these late round prospects COULD be. Sure, they can also be terrible, but why not take the risk? It's a 5th rounder, and at the very least, he wont play at all and we'll run with a free agent, Donald LaFell, Teddy Ginn, etc at the 2 and 3.
It's the Cam Newton complex. Cam was unproven and many labelled him as a future bust. But there was a chance that he'd be a bonafide superstar. Sure, we could've taken Patrick Peterson or AJ Green who were likely safer picks, but neither one of those guys can single handedly win championships. The difference between a Cam Newton and a Jimmy Clausen versus the difference between a Patrick Peterson and a Captain Munnerlyn is much bigger and more important, and can single handedly be the difference of a 2-14 team and a playoff team.
I have to disagree with you on this.....look at all the receivers we brought in to replace Mushin Muhammad. We've invested quite a few draft pics with no solid solutions. Colbert, Lafell, Keyshawn, Jarrett, Gettis, Pilares, Adam Jones, just to name a few off the top of my head. Who's panned out to be an every down player? Who's been a reliable #2? Quality receivers aren't easy to find in my opinion. Lafell is the closest things we've found and he's more of a #3 at best.