All of this is true. But, in my opinion, and at the time it happened, that was a totally reasonable contract for a man of Hendrickson's skills. 4 years, $60 million with only $16 million guaranteed. That's peanuts for a pass rusher that puts up double digit sacks yearly. Instead, we decided to roll with Davenport and his rookie contract and take money, that could have helped sign Hendrickson, and used it other places (like tagging Marcus Williamson). So we made a strategic decision to roll with Davenport and not sign Hendrickson. On paper, it made some sense but it didn't work out. Again, a failure on the part of the Saints from both a talent evaluation and contract standpoint.
I would totally get it if the Bengals came in and totally overpaid Hendrickson (with some Vonn Miller type contract with like $50 million plus guaranteed) but that's not what happened.