I like Higbee but McVay has not yet shown a lot of interest in the TE position other than one-at-a-time. He'd rather play 11 personnel than 12 regardless who is on the bench.
You can only pay for so much talent. I think McVay would rather have an all-round TE on the field and an adequate but cheap TE on the bench, maybe two if the third TE is also a special teamer, and carry another wideout on the roster. He'd keep it at two TE's if he could.
All that said, if the guy we got in trade pans out as a sleeper who can step up, Higbee might be good trade bait - either for a vet D players or future picks.
And wer can't forget: It's a few months until September and Snead ain't done yet.