If Clay is the versatile piece they want for the offense, I think the money is justified. It's a bit steep, but justified. Now, here is one issue. They really, really need to draft and possibly sign a depth TE who is in Clay's mould, even if he's not as good. Injuries are too frequent in the NFL and the team needs to be prepared for that scenario.
On the plus side, I do like what I've seen of Gray thus far -- I think he could be an underrated pickup -- and maybe they think he and Gragg can cut it.