Here's the problem: Essentially, Sammy Watkins was a 2nd round pick (a little more, really, when you throw in EJ Gaines).
2nd round picks don't get jettisoned after 1 year.
And while his stats are somewhat pedestrian , I can't imagine that there's doubt that those stats can be a whole lot better in his 2nd year here.

BUT........McVay is not going to stress any one WR in his offense. So hitting even 1000 yards is going to be a tough (although without injury Woods might have).
So the more important question for the brain trust is: what did Sammy bring to the offense, and is it worth #1 WR money?

I have little doubt that Sammy will get the benefit of the doubt because they paid a 2nd round pick plus a player to get him, and he is so young, and he made it through the year unhurt (I don't count the concussion for him because his previous more worrying injuries were legs and foot).

So indeed, it might be that if the Rams and Watkin's agent can't reach a longer term agreement, a Franchise Tag might suit both parties best.
I think a 2 year deal for $18 -$20 mil could also make sense. That's good money; but when the deal is up he'll only be 26 so if he has become a star then that long term deal is still available for him.