Jennings was a #1 WR. Cobb is not.
Best slot contract right now (not two or three years ago) is just over $7 million per.
The cap has gone up just over 16% in the last two years (no one can calculate the next two caps). Even if you think Cobb is Jennings, that is $10.44 mil per year, not $12. Jordy is under $10 mil right now.