The thing about threads like this is that we need context. For example, is it Nicks instead of Edelman, or Nicks as well as Edelman?
In this case, the OP has talked about Nicks playing with Edelman, meaning this would be an additional contract. So, this would be yet another receiver who can't stay healthy (0 full seasons played in 5 years) and would also be a receiver with siginificantly dimished production in the past 2 seasons.
The team doesn't need another expensive member of the glass menagerie. If you want to gamble on a glassman, go spend a million on Danario Alexander, so at least you won't be screwed with the cap when the player is lost for the year. If you want a dependable WR3-WR4 guy, go drop reasonable coin in Jerricho Cotchery's lap.