The market will determine how much Watkins is worth.
He has a injury question mark that lowers his value and his production on the field is that of a number 2 receiver.
However many clubs will probably see him as a potential number 1 WR but with risks.
If you look at the deal the Rams gave Robert Woods that would seem to be a good benchmark.
The other factor is what does Watkins think he is worth and how much risk is he willing to take.
If he really is set on being paid as a number 1 he may need to play on a 1 year deal like Jeffery did with Philly.
If wants to get the security he may take less and sign a Woods type of deal, which would work in the Rams favor.
Of course a couple of breakout games to end the season and in the playoffs could change the production factor in this equation.