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putting the cap implications to one side, why not just sign a free agent wide receiver or TE and keep the 1st round pick.
Which would you prefer e.g. Cooper/Green/Sanders/Henry (whoever) and a 1st or Diggs.
This.
When we trade a 1st for Diggs and a $11M cap hit, we are trading him for a 1st round player plus the free agent we might sign at $11M AAV.