Metcalf is going to want an extension. Trading a high draft pick for the privilege of signing a player to an expensive contract is generally bad process.
I think he's a very good but not elite player and a R1 + Doubs is steep, whether you want to compare with Deebo or not.

I do think Metcalf would affect defenses in the way MLF wants though.

What they really need is for Wicks and Reed to figure out how to beat man coverage and not drop the ball when it hits their hands.

Watson's knee injury was separate from the other things he had prior to last season. I think the trip to Madison worked for him. He's in a contract year, and with him missing at least 2/3 of it, I suspect they could bring him back on a reasonable deal with incentives.