I understand that there are supply-demand dynamics at work, but I don’t understand some of these contracts that are being handed out. Is Devin Funchess really worth twice as much as Mark Ingram and Tevin Coleman?

Funchess, recall, was pretty good receiver for the Panthers two years ago. He averaged 4 catches for 53 yards, with 8 TDs in 16 games. Using standard fantasy scoring, he was a top-10 wide receiver in the second half of the season (final eight games for each team).

But Funchess was underwhelming last year. The Panthers eventually demoted him into a reserve role in November, and he was a healthy scratch in Week 17. Funchess is huge (6-4, 225) but he just can’t run. He can’t consistently get separation, turning too many throws into contested situations. Carolina eventually decided it would be better going with its smaller, faster youngsters – DJ Moore and Curtis Samuel.

Funchess goes down as a big miss for the Panthers, just like Kelvin Benjamin (who’s a similar kind of wide receiver).

Funchess had a pivotal drop in the playoff loss at New Orleans in 2017, and he again struggled in that department last year. Of the 49 wide receivers who had a chance to catch 50-plus balls, he had the 2nd-worst drop rate (ahead of only Michael Crabtree, who’s been released two years in a row and isn’t even on a team right now).

WIDE RECEIVER DROP RATES
PlayerRecDropPct
Brandin Cooks, LAR800.0%
Taylor Gabriel, Chi.670.0%
Tyler Lockett, Sea.570.0%
Cole Beasley, Dall.6511.5%
DeAndre Hopkins, Hou.11521.7%
Robert Woods, LAR8622.3%
Michael Thomas, N.O.12532.3%
Adam Thielen, Min.11332.6%
Antonio Brown, Pitt.10432.8%
Larry Fitzgerald, Ariz.6922.8%
Stefon Diggs, Min.10232.9%
Danny Amendola, Mia.5923.3%
Robby Anderson, NYJ5023.8%
Keenan Allen, LAC9744.0%
Emmanuel Sanders, Den.7134.1%
Davante Adams, G.B.11154.3%
Mohamed Sanu, Atl.6634.3%
Alshon Jeffery, Phil.6534.4%
Nelson Agholor, Phil.6434.5%
Jordy Nelson, Oak.6334.5%
Chris Godwin, T.B.5934.8%
Odell Beckham, NYG7744.9%
T.Y. Hilton, Ind.7645.0%
Zay Jones, Buff.5635.1%
JuJu Smith-Schuster, Pitt.11165.1%
DJ Moore, Car.5535.2%
Allen Robinson, Chi.5535.2%
Kenny Golladay, Det.7045.4%
Doug Baldwin, Sea.5035.7%
Tyler Boyd, Cin.7656.2%
Adam Humphries, T.B.7656.2%
Tyreek Hill, K.C.8766.5%
Sterling Shepard, NYG6657.0%
Julio Jones, Atl.11397.4%
Amari Cooper, 2 tms7567.4%
Willie Snead, Balt.6257.5%
Mike Evans, T.B.8677.5%
Donte Moncrief, Jac.4847.7%
Dede Westbrook, Jac.6668.3%
Corey Davis, Ten.6568.5%
Chester Rogers, Ind.5358.6%
Golden Tate, 2 tms7478.6%
Demaryius Thomas, 2 tms5969.2%
Julian Edelman, N.E.7489.8%
A.J. Green, Cin.4659.8%
Jarvis Landry, Clev.811112.0%
Calvin Ridley, Atl.641013.5%
Devin Funchess, Car.44713.7%
Michael Crabtree, Balt.54914.3%

It’s an underwhelming body of work, and you would reasonably think that Funchess would have to sign somewhere to compete for a No. 3 job. He’s just not that good.

Yet the Colts signed him to a one-year deal worth $10 million. Reports indicate Funchess could make up to $13 million if he triggers incentives. What?

Ingram and Coleman signed deals averaging $5 million per year. Funchess is worth as much as those guys combined?

I understand that the Colts have the most cap room in the league, and that they wanted to add another pass catcher. But it seems like that money could have been better allocated. Ingram or Coleman could have added depth to their backfield. Or for just a little more than Funchess, they could have brought in an actual difference maker – LeVeon Bell.

Even relative to other wide receivers, I don’t like the money. I don’t understand why Funchess gets a higher average than Golden Tate ($9.4 million) and Adam Humphries ($9 million). Is he even better than Cole Beasley ($7.3 million)?

We’ll see, I guess. I wasn’t a fan of the decision to sign Eric Ebron last year, and they were able to plug him into an effective role. But I’m pretty sure this one will go down as a miss.

—Ian Allan