As of now, our #1 need is clearly wide receiver. Ochocinco is NOT staying unless he agrees to a new contract (if at all); so he is essentially a free agent. Welker, Branch and Slater are unsigned.
Edelman and Underwood are currently our 2012 wide receivers.
We could franchise Welker (and we will if he doesn't sign); bu that won't help the first half of the season.
BOTTOM LINE
I don't want wide receiver to be a HUGE draft need. I would hope that we have at least THREE receivers signed before the draft. Welker, Branch and Lloyd certainly come to mind.
Wide receiver would still be a top draft targer, just not a critical need.
In some sense, we are in a similar place with the center position, although less serious. As long as we re-sign Koppen or Connolly, we have no critical draft need.
I'm not really disputing your premise, I just think that the picture might be clearer if the info was organized a bit differently. I prefer to think in terms of a player's actual role, like "pass-catcher", regardless of official positional designations.
Signed:
Gronk (TE) - 124 tgts, 73% catch rate, #6 in NFL overall in yds (#1 TE), #4 in YAC (just behind Sproles and Rice), #1 overall in TDs (17)
Hernandez (TE) - 113 tgts, 70% catch rate, #31 in yds (#3 TE), #9 in YAC, 7 TDs
Ochocinco (soon to be "Johnson" again) - 32 tgts, 47% catch rate, 18.4 Yds/Catch (highest on the team, by far, and 8th overall among guys with 30+ targets); better than Gaffney's 1st season and better than about 70% of the #5 pass-catchers the Pats have had over the BB years.
Edelman (barely a WR; really more appropriately designated "special teamer/returner/utility player")
Underwood (early entrant in the camp-body sweepstakes)
Dorin ****erson (early entrant in the camp-body sweepstakes)
Brett Swain (early entrant in the camp-body sweepstakes)
Unsigned:
Welker - 173 tgts, 71% catch rate, #2 in NFL (to Megatron) in yds, #1 in YAC, 9 TDs (same as Cruz and V-Jax; better than Fitzgerald, White, Marshall, Nicks, Wallace, Colston, etc.)
Branch - 90 tgts, 57% catch rate, 702 yds, 5 TDs (an average season for him, maybe even slightly above, though not quite as productive overall as 2010)
Slater - Really? A "wide receiver"? A token positional designation for a special teams specialist if there ever was one. He's not really on the WR depth chart for me - even less so than Edelman is on the Safety depth chart.
The point being that, if Welker and Branch are re-signed, that would account for about 500 of Brady's 611 targets in 2011, regardless what happens with Ocho or the rest of the roster-end guys, special-teamers and PS/Camp bodies.
Sure, if you're looking exclusively at the guys on the roster who are officially designated "WR", and especially if you're viewing them from the roster-bottom up (and including Slater, Edelman, etc.), the natural reaction is going to be "OMFG!!! The Pats need to DOOOO something about this RTFS!!!" But I'm not certain the situation is that dire. I mean, how many targets is any "new guy" going to see? 50 would replace Ocho and cut into Branch and a hundred would replace Branch and then some. But the passing game would still be centered around just four guys, unless we think that Brady's going to throw 650+ passes in 2012. Not sure I'm comfortable with either of those things.
Personally, I'd very much like to see a developmental TE/FB/H-back (besides ****erson) who might have some potential to fill-in (somewhat) for Gronk the next time he gets hurt. I'd also like to see at least one solid, young route-runner with great hands to apprentice to Branch and replace his 50-catch, 700-yd, 5 TD output by 2013. Anything much beyond that for 2012 would be gravy and I'd hope would accompany Brady throwing a bit less and spreading the ball around a bit more equitably when he does throw.