He's only got one year left on his rookie deal. After next year he will cost more to keep - maybe more than the Rams want to spend. Might it be worth getting something now? He's got some decent film in the can and proved he can play. A receiver-needy team might take a shot on him. Even if the Rams only got, say, a 4th or 5th it might be worth it. They could use that on drafting a receiver prospect (supposedly a deep draft) and then that player is on a rookie deal for 3 or 4 years.
In addition, what role does Reynolds really have moving forward? He doesn't play the slot. He's not fast enough to stretch the field as a future replacement for Cooks. There really is no starting role for him in the future - unless it's to replace Woods at some point which would be a huge downgrade.
Thoughts?
