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I boil it down like this.
Graham is, in my opinion, more impactful at TE than Watkins is at WR.
TE is a weakness for the Rams.
WR is a strength for the Rams whether Watkins wears horns or not.
Both are good to great in the red zone.
JG would cost the Rams less annually which would allow contractual flexibility elsewhere on the roster.
Rams have Everett who will get more playing time and is the "receiving TE" if you will, the "move TE" kinda similar to Graham, though Graham much more proven, and taller, etc... but he really wouldn't be that good a replacement for Higbee due to the blocking aspect.