Tight end is a tough position to draft high. Look at Hock there in Detroit... He's gonna be a fine player no doubt, but when you have guys like Kelce and Kittle being drafted in round 3 and beyond, no need imo. Approach the TE position like you approach RB's. Try and hit on a high ceiling guy later.
Also, to your point, the cap situation is another reason not to pick TE high. Thats a luxury pick and not a dire need when we lose one of our LB's and whoever else on free agency.