Did the Seahawks just overpay Doug Baldwin? He’s a solid pro and played well last year, but $46 million over the next four years seems like a lot for a player with ordinary size and speed. Baldwin wasn’t even drafted back in the day, making the team as an undrafted free agent.

According to the dollar counters at OverTheCap.com, Baldwin is now making $11.5 million per year – 7th-most among wide receivers.

HIGHEST PAID WIDE RECEIVERS
PlayerTeamAvg/Year
A.J. GreenBengals$15,000,000
Alshon JefferyBears$14,599,000
Julio JonesFalcons$14,250,000
Dez BryantCowboys$14,000,000
Demaryius ThomasBroncos$14,000,000
T.Y. HiltonColts$13,000,000
Doug BaldwinSeahawks$11,500,000
Keenan AllenChargers$11,250,000
Vincent JacksonBuccaneers$11,111,111
Jeremy MaclinChiefs$11,000,000
Larry FitzgeraldCardinals$11,000,000
Allen HurnsJaguars$10,012,500
Randall CobbPackers$10,000,000
Jordy NelsonPackers$9,762,500
Brandon MarshallJets$8,666,667
Pierre GarconWashington$8,500,000
Michael CrabtreeRaiders$8,500,000
Antonio BrownSteelers$8,392,000
Marvin JonesLions$8,000,000
Torrey Smith49ers$8,000,000
DeSean JacksonWashington$8,000,000
Eric DeckerJets$7,250,000
Victor CruzGiants$7,166,667
Mohamed SanuFalcons$6,500,000
Golden TateLions$6,200,000
Travis BenjaminChargers$6,000,000

On the one hand, that might seem like a lot. Baldwin is averaging over $3 million more than Antonio Brown. He’s making more than Brandon Marshall, Amari Cooper, Larry Fitzgerald and a bunch of other wide receivers.

But to me, I think the contract is fair. With this kind of thing, you have to look at the lay of the land, and what’s happening with the market. That is, the Seahawks don’t have the option to take Antonio Brown from the Steelers and pay him $8.4 million per years (he’s underpaid, and his contract will need to be addressed).

Instead, we must compare Baldwin to other receivers who are getting contracts right now. In the chart, I’ve got those names in bold. Keenan Allen and Allen Hurns signed extensions averaging over $10 million earlier this year; I think it’s fair to say Baldwin is worth a little more than those guys.

The two former Cincinnati receivers, Marvin Jones and Mohamed Sanu, signed contracts weighing in at $6.5-$8 million per year a few months back. Travis Benjamin is getting $6 million per year from the Chargers. Again, I think Baldwin’s $11.5 looks reasonable in comparison.

Jeremy Maclin signed an $11 million deal last year. That’s another one that makes Baldwin look like he’s right where he should be.

Baldwin doesn’t have special measurables. He’s not big, and he’s not a burner. But he definitely knows what he’s doing. He works really hard at it, he’s super competitive, and he’s really smart (well, outside of that deal where he pretended to crap the football in the Super Bowl, costing them 15 yards on a sportsmanship penalty).

Statistically, Baldwin was the most effective wide receiver in the league last year. He caught a league-high 76 percent of the passes thrown his way, and he averaged 10.4 yards per pass attempt (not catch, but each throw sent his way). That’s a half yard more than any of the other 31 wide receivers with at least 100 targets.

WIDE RECEIVERS WITH 100 TARGETS IN 2015
RkPlayerRecYdsTgtPctAvg/Tgt
1.Doug Baldwin, Sea.781,06910375.7%10.4
2.John Brown, Ariz.651,00310164.4%9.9
3.A.J. Green, Cin.861,29713265.2%9.8
4.Allen Hurns, Jac.641,03110561.0%9.8
5.Willie Snead, N.O.6998410168.3%9.7
6.Antonio Brown, Pitt.1361,83419370.5%9.5
7.Allen Robinson, Jac.801,40015153.0%9.3
8.Julio Jones, Atl.1361,87120367.0%9.2
9.Odell Beckham Jr., NYG961,45015860.8%9.2
10.Brandin Cooks, N.O.841,13812965.1%8.8
11.Jeremy Maclin, K.C.871,08812470.2%8.8
12.Brandon Marshall, NYJ1091,50217363.0%8.7
13.T.Y. Hilton, Ind.691,12413451.5%8.4
14.Larry Fitzgerald, Ariz.1091,21514575.2%8.4
15.Emmanuel Sanders, Den.761,13513655.9%8.3
16.Amari Cooper, Oak.721,07013055.4%8.2
17.Mike Evans, T.B.741,20614850.0%8.1
18.Calvin Johnson, Det.881,21414959.1%8.1
19.Marvin Jones, Cin.6581610363.1%7.9
20.DeAndre Hopkins, Hou.1111,52119257.8%7.9
21.Jordan Matthews, Phil.8599712667.5%7.9
22.Eric Decker, NYJ801,02713260.6%7.8
23.Travis Benjamin, Clev.6896612554.4%7.7
24.Kamar Aiken, Balt.7594412759.1%7.4
25.Demaryius Thomas, Den.1051,30417759.3%7.4
26.Anquan Boldin, S.F.6978911162.2%7.1
27.Pierre Garcon, Wash.7277711164.9%7.0
28.Donte Moncrief, Ind.6473310561.0%7.0
29.Jarvis Landry, Mia.1101,15716666.3%7.0
30.Randall Cobb, G.B.7982912961.2%6.4
31.Golden Tate, Det.9081312870.3%6.4
32.Michael Crabtree, Oak.8592214658.2%6.3

—Ian Allan