I may have been one of the biggest Randall Cobb fans during his time with the Packers. But, he cannot be counted upon to put together a full season without being injured anymore and if he is on the field you cannot invest big in a guy who has averaged 43.7 yards over his last 37 games.
But, I would be ok if they signed him to a prove it contract for say one year. As Fandame said you need some veteran presence on a team.