It is actually financially impossible to do this in today’s NFL. If you look at the teams with an elite QB and two #1 WR’s, two of the three players in that trio are on rookie deals (cincy, Miami, Philly).
The Chiefs realized this and that’s why they jettisoned Hill and kept Kelce as their number 1.
I think the chiefs model is the right one— pay your franchise QB and number 1, and then fill in the rest with complimentary high-pick rookies and modest short-term free agents. If you don’t do that, you won’t have enough money to field a good line or good defense.