It's a fair possibility.
I know you've said that they will "overpay". That's counter to their history...last season, they let 3 starting FAs walk - DE Justin Smith, LB Landon Johnson, and S Madieu Williams. This year: starters WR Houshmanzedeh and G/T Andrews.
But yes - Coles may well get a good deal...injuries whacked their wr corps last season, as well as most everywhere else. 24 on IR, a league-leading 84 games lost from their starters. Only seven of the 22 starters were available for all 16 games, and only five started all 16.
One has to expect that Ocho Dinko will continue his pouty ways, blowing routes and short-arming.