Not a bargain for a #2 WR. Cap-wise, he is in the top 10-12 WR in the NFL. A restructure could cure that, at least for this season, but will have to pay sometime.
That $16M cap number doesn't carry over. Only his base salary.
That would put him just above Robby Anderson. Maybe bargain is too strong, but he wouldn't be overpaid at that point. And that assumes we don't extend him into the void years on his deal.