At 12th, his production is still as good or better than the guys around him on the list. And I'm not counting Michael Thomas' lack of production either because I know he'd have gotten 1500 yards if he had actually been playing.
But the other guys at that cap number? Corey Davis, Mike Williams, Julio Jones, Nelson Agalhor. Only Williams was over at 1000 yards last year (1100). Cooks had 90 catches and 1037 yards.
You can argue about his concussions, but the dude's production is in line with what he'd be paid. And there's little chance we wouldn't restructure his deal because right now, he's got void years in 2023 and 2024.