Greg Jennings was a second round pick, mike wallace third round, Bowe late first round and another guy doing a lot of damage, Torrey Smith, was a second round pick. The point is, impact receivers can be found through the draft, and it doesen't have to be a top pick.
We have several picks in the first three rounds. If Philbin and Ireland have any eye for talent, then there should be one or two impact receivers that we can draft. We need to build through the draft and spend our money wisely on positions where talent is more difficult to come by like defensive back and o-line. I say draft a cb or linemen round 1 and bring in two speed wr in rounds 2 and 3. Use the money to bring back Starks and Long (if reasonable price) and extend Jones. Just because we have cap space doesen't mean we need to use it on bad investments.