To reiterate the discussion. Cooks is a very productive receiver who not only fits well in the Pats offensive system, but with his speed makes the "system" better. That being said there are several reasons that makes be believe that the Pats will never extend Cooks to a "market" deal (13-15MM/yr).
For some reason the rest of the league seems to feel the need to have that big, fast, physically dominating receiver (Julio Jones is the archetype). @JayMN gives the seminal post on why you SHOULDN'T pay receivers that much on page one of this thread. It explains it better than I'm about to in this summary.
a,Even the great ones only tough the ball 10 odd times and that's on a good day. So while they get all the hype, there are a lot of other players who impact what goes on in the game more play to play.
b. Even the greatest receiver can be shut down by either great schemes or when the other team has a great player too. We have seen Cooks shut down or limited by hard physical man to man coverage. We knew coming in that this was an issue for him in NO too.
c. The WR position is the most replaceable position in the league. Every year colleges are producing multiple player who have the physical skills to become NFL WR's. If the Pats move on from Cooks, they can find someone who they can pay 50% less and get 85% of the production (roughly) and use that money elsewhere. We have seen it time and time again over the years.
d. BB paid a high price to acquire Cooks, but if he only stays for 2 years an produces consistently what we've seen this year, then it was WELL worth the cost.
e. But know this, BB is NEVER going to offer Cooks a "market" deal either as an extension after this season OR as a FA after next. But he WILL make offers in both situations. Offers that make sense within the Pats salary structure. This offers will be for a LOT of money, just not the crazy money the less organizations are passing out to WR's
f. A reasonable deal for Cooks would be something like this:
1. A $10MM signing bonus
2. Annual salaries that will run in the $5-6MM area. Salaries that will be guaranteed if he makes the roster each year.
3. Incentives that will hit on some combination of games played and yds gained that will allow him to earn in the $10MM range if he has a year like he had this one. And if he had an "Antonio Brown kind of year" he can make $12-13MM.
4. If he is hurt or regresses to like an 800yd season, then of course he would earn less.
g. I think more and more, for skill players, the Pats are going to be using the Gronk incentive model for contracts.