The Packers have wasted money on a lot worse players. You also have to look at the big picture, same with Clay Matthews, Cobb's contract over 4 years. When Cobb was resigned, I think even the Packers knew he was being slightly overpaid but a worthwhile overpayment considering the alternatives and at the time had just come off of a season of these stats: 1,287 yds. 12 TD's and a 14.1 yd/catch ave. At the time, how do you justify not resigning him, without a crystal ball to the future? With his dead cap hits in year 2 and 3, how do you not keep him as long as he can stay healthy and somewhat productive? You also have to remember, that he is actually "making" an average of $10M/year on his 4 year contract. I keep seeing people throw out "he isn't worth $12M+".....that is the way that the math of his contract worked out, like it or not. In the first year of that contract he only counted as a $5.35M cap hit. Cobb will only be 28 years old next season (2018) the final year of his contract and only a $3.125M dead cap hit, the Packers will have a big decision to make at the end of the 2017 season.
I for one hope Cobb and the Packers can sit down at the end of this season and rework his contract to better reflect his future value to the Packers, because I love having him on the team, he and Aaron have established chemistry. I would like to see Jordy, Aaron and Randall stay together as long as possible.