There's another part of this too, which is, when it comes to draft value and also the value after rookie contract, is this a position that's overvalued by the market?
And this is the main reason why I think the Patriots don't spend a lot of high picks on WRs. We see that they tend to assign WR value much lower than other teams, whereas they will pay market value (or close to market) for elite defensive backs (Gilmore, Revis, McCourty, Talib offer), linemen/ linebackers who excel against the run and in the red zone (Mayo, Hightower, Wilfork, Seymour), and offensive linemen (Mason, Mankins, Thuney, Cannon, Light, Solder offer). Not surprisingly, you see that a lot of their early round draft picks skew towards these positions as well.
This isn't a trend but a very clear organizational belief system, tied to Belichick's supply and demand value scouting, which I think is his greatest asset as a football mind. It is clear that certain positions are overvalued and others are undervalued. So if, for example, you "hit" on a first round wide receiver draft prospect, overall that won't make your team as good as a "hit" on a first round cornerback, guard, or linebacker (provided the wide receiver wasn't rated extremely high relative to draft position, like supposedly N'Keal Harry was.)
Belichick even stated this, as it was picked up in one of those books (I think a Michael Holley one) when he questioned why Atlanta would move up and spend so much draft capital to draft Julio Jones when they could just trade back and grab Michael Floyd later in the round. Now, he was obviously wrong on that one, but that principle has guided him over the years.
You'll hear the Patriots in the bidding for the best defensive backs, defensive tackles, etc. quite often, willing to pay quite a bit, but when is the last time they've actually tried to lure a big time free agent wide receiver? Never? They know they're overpaying and that the deal makes no sense considering the other available players relative to their asking prices. They look for bargains like Brandon LaFell and Chris Hogan, who will give you 75% of what Julio Jones brings for a fraction of the cost. Basically every WR who has played in New England has played for well below market or had to walk to make market: Edelman, Welker, Cooks, Branch, Brown. Moss nearly left in 2008 free agency. Amendola might be the only exception. But again, it isn't because the Patriots are "cheap" because they'll break the bank for the Gilmores and Wilforks; it's that this position is overvalued, which applies to the draft, too.
But let me clarify: having good wide receivers is absolutely not overvalued! That is why seems to get muddled when people talk about how the Patriots don't need good receivers (!). That is absolutely not it. They definitely need great players everywhere to succeed. The main thing here is that the high-cost (draft capital and free agency) wide receivers are overvalued relative to the mid-cost and low-cost ones.
But I have to tell you, in conclusion, that this belief has certainly been challenged in recent years.
