This is such a dumb argument, of course you give up a first round pick, are you kidding me? The patriots NEVER use the two first round picks they get and have on more than one occasion traded out of the first round completely. The patriots do not think highly of 1st round picks or even the draft for that matter. Name one receiver better in this draft that can come in and make a difference right away than Mike Wallace. He's only 26 years old so he is well worth the money you pay him and is also the outside the numbers explosive receiver the patriots need. The patriots gave wes welker when he was a restricted free agent a 6 year contract and he was a nobody then so how is mike wallace not worth the money. He'll probably get paid more than welker did but wallace is more established than welker was. Mike Wallace is the perefect fit for the patriots.
1.) I was one of, if not the, first on this site to float the signing of Wallace as a good, if 'dream', scenario, so you're making the mistake of attacking the wrong guy.
2.) It's not just giving up the pick. It's also paying the money. Generally with a pick at the bottom of the first round, you're paying much less than you will for a top end WR, after all. It's certainly a valid point being made by those who've brought it up.
3.) Welker took a much smaller contract than Wallace will demand, so your comparison is a poor one.
4.) I'm not going to get into draft v. FA comparisons, because that's just a waste of time, since the draft offers different risk/reward computations. Wallace was a 3rd round player, so he's a perfect example of the hit/miss nature of the draft. However, since you asked the point about the future, let's look at the immediate past.......
AJ Green's numbers were comparable to Wallace's, albeit slightly lower, and Julio Jones put up excellent rookie numbers, as well.