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Add Andre Carter, Phifer, Brian Watters, Deion Branch part deux, Alge Crumpler and the immortal Doug Flutie to the list!
Lets leave off Joey Galloway and Shawn Springs for now...
It cuts both ways. This + the part you were quoting is basically a "greatest hits" for veteran additions. There have been plenty like Torry Holt, John Lynch, the guys you mentioned, etc. who did pretty much nothing for us.
But that's totally fine, a 100% hit rate isn't necessary anyway. If half of the low-cost veterans that you bring in make valuable contributions to the team--and you cut the other half before the season even starts--then that's a total, unmitigated win. You've made the team better with cheap contracts.
If Wayne has enough left in the tank to help, he will. If not, he'll be gone pretty quickly. As long as he's sharing the field with Edelman and Gronk, he'll never be any more than the thirdbiggest threat out there anyway, so he doesn't need to be what he was even 3 years ago.
We're not particularly reliant on him, so based on that I think it's a good signing. I wouldn't go so far as to say that he's a depth guy, since that suggests a lower ceiling than I think he has, but he does provide depth. Maybe LaFell isn't healthy, maybe Dobson just isn't any good, maybe Amendola and/or Edelman get injured as the season pushes on. Maybe he just ends up genuinely being one of the 3 best WRs on the roster. Whatever the case, having him in a roster spot is better than having the next-best WR not to make the team would be.