Right player at right price is the way to go. The Ravens are known to be very patient, maybe to a fault. It's worth noting that teams which throw a lot of money around at the top of the FA market (except I guess for NE) tend to be teams that suck. I often associate DeCosta etc. with the Moneyball wisdom, "The day I feel like I have to make a deal is the day I make a bad deal."
That said, it seems worth it to me to add a still effective veteran WR at bargain value. Watkins doesn't bring much that we don't already have on board, and while AB doesn't feel as risky as he did last year chemistry-wise, I still doubt the Ravens will be interested in his baggage. I think my favorite from the article would be Fitzgerald; call me old fashioned but I especially like guys that catch the ball. If the team brings in no FA receiver it wouldn't bother me. I'd be OK with bringing back Snead, who is tough and wily, but I doubt that will happen. There's some big pass catchers in the draft.