It is absolutely awful in every sense of the word.
Edelman will be 34 and cannot be counted to contribute at a high level; I believe he is one of the oldest receivers in the NFL and has dealt with major injuries in two of the last three seasons. Even if he turns back the clock a year, that is still not even close to enough to compete with.
Sanu is unlikely to make the team. He was so terrible in 2019 it's almost mind-boggling. His efficiency stats were off-the-charts, all-time lows. He was way, way worse than guys like Dobson and Thompkins in 2013. This was just a horrible signing, and there's no way he makes the team unless he signs a dirt cheap extension. $6M is more than they typically pay any receiver, so I have no idea how this cost is justified to Belichick when he may not even make the team at vet's minimum.
Harry is, at best, a glass half full proposition. In reality, based on his rookie season, I see no reason why his expectations are higher than any other highly drafted, unproven receiver kicking around the league, and there are a ton of those guys out there.
Meyers is a question mark; I am optimistic about him, but Brady needs to have more patience and the desire to want to work him into the passing game.
LaCosse is a bad joke and is at absolute best a backup. I think he's not even backup level.
White is a very good, but you can't build every gameplan around him, which was attempted last year and failed miserably. He was always an opponent-specific guy who was thrust into a high volume role due to a lack of supporting players. He is the ultimate complimentary player, and that's not an insult. I don't know if any RB in the NFL could have succeeded last year with the garbage around him that NE had.
$15M is virtually nothing with the problems they have. Haven't even addressed offensive line yet.