So, in an effort to get a handle on where Welker has fit statistically among top WRs since he's been with the Pats, I listed the Top 40 pass-catchers (by total yards) for every season from 2007 through 2011. Then I filtered out the guys who'd appeared in the Top 40 fewer than four seasons (and guys who aren't actually playing anymore, like Moss, Owens, Mason, etc.). Then, I averaged their stats for their Top 40 seasons and ranked them by their receiving yard averages and tacked on their catch rates (CR) and (AFAIK) 2011 or 2012 base salaries (more for proportionate comparison than for exact $$ accuracy).
This is how it shook out (plus a couple addendums for "enlightening" comparison). Remember, the numbers below represent AVERAGE ANNUAL PRODUCTION for just the years the player has spent among the Top 40.
Andre Johnson (4): 91 rec, 1303 yds, 8.3 TDs, 17x 20+, 1.0 FUM, 397 YAC, 62 1Dn, 64% CR -- $6.5M
L. Fitzgerald (5): 93 rec, 1296 yds, 9.8 TDs, 18x 20+, 0.8 FUM, 341 YAC, 65 1Dn, 58% CR -- $12.5M
Roddy White (5): 94 rec, 1284 yds, 8.4 TDs, 17x 20+, 1.2 FUM, 385 YAC, 63 1Dn, 58% CR -- $5.5M
Megatron (4): 80 rec, 1279 yds, 11.3 TDs, 21x 20+, 1.8 FUM, 419 YAC, 58 1Dn, 55% CR -- $14M
Reggie Wayne (5): 94 rec, 1247 yds, 7.2 TDs, 17x 20+, 0.8 FUM, 361 YAC, 66 1Dn, 64% CR -- $6.0M
Wes Welker (5): 111 rec, 1221 yds, 6.2 TDs, 12x 20+, 0.8 FUM, 646 YAC, 63 1Dn, 74% CR -- $2.2M
S. Smith (CAR) (4): 77 rec, 1200 yds, 6.8 TDs, 19x 20+, 1.5 FUM, 419 YAC, 49 1Dn, 58% CR -- $7.8M
B. Marshall (5): 95 rec, 1188 yds, 6.4 TDs, 14x 20+, 1.8 FUM, 390 YAC, 60 1Dn, 59% CR -- $9.3M
V. Jackson (3): 62 rec, 1124 yds, 8.3 TDs, 18x 20+, 0.3 FUM, 216 YAC, 55 1Dn, 58% CR -- $11.4M
M. Colston (4): 83 rec, 1111 yds, 8.8 TDs, 15x 20+, 1.0 FUM, 321 YAC, 58 1Dn, 68% CR -- $3.0M
G. Jennings (5): 69 rec, 1108 yds, 9.2 TDs, 17x 20+, 0.8 FUM, 388 YAC, 47 1Dn, 61% CR -- $3.9M
Dwayne Bowe (4): 77 rec, 1085 yds, 8.0 TD, 16x 20+, 0.5 FUM, 368 YAC, 53 1DN, 56% CR -- $2.8M
DeS. Jackson (4): 57 rec, 1021 yds, 5.3 TDs, 18x 20+, 1.3 FUM, 317 YAC, 39 1Dn, 52% CR -- $560K
Jason Witten (5): 89 rec, 1014 yds, 5.4 TDs, 13x 20+, 0.6 FUM, 368 YAC, 50 1Dn, 70% CR -- $3.4M
Hakeem Nicks (3): 67 rec, 1011 yds, 8.0 TDs, 17x 20+, 1.0 FUM, 357 YAC, 47 1Dn, 60% CR -- $750K
A. Boldin (5): 73 rec, 928 yds, 6.8 TDs, 12x 20+, 1.8 FUM, 357 YAC, 47 1 Dn, 64% CR -- $6.0M
Brandon Lloyd: 74 rec, 1207 yds, 8.0 TDs, 19x 20+, 0.5 FUM, 173 YAC, 59 1 Dn, 49% CR ------
Oh. A friendly reminder to those who are unsure about giving Welker a contract at his age, but would love to give one to Brandon Lloyd - the two of them were born about six months apart.