In terms of talent, Watkins is clearly as good as everyone of these players. That's obvious. With regard to who you pay: you aren't paying for the past, you are paying for the future based upon projection. He is by all accounts healthy right now.
As Peter King wrote, blowing the team up every couple of years is profoundly dumb. That's what this organization does. As I've said before, if they go 5-11/6-10 the next two seasons, don't be surprised if the current regime is given the boot. For those who think this is crazy talk, just look at the record over the past dozen years.