I believe it's in the Bills' best interests to sign Johnson, who will be an unrestricted free agent after the season, to a long-term contract extension. Yes, he needs to grow up. He needs to hold onto the ball in the critical moments. But he's one of their best players, and you don't become a contender by letting those guys walk.
This isn't to say they should overpay. Johnson isn't an elite receiver, one of the NFL's top 10 wideouts. He's not much of a deep threat. There are 31 NFL wide receivers with at least 600 yards receiving this season. His average per catch (11.5 yards) is the lowest among all of them.
So Johnson is essentially a great possession receiver who wants to be paid like a elite wideout. But in the context of Chan Gailey's offense, which employs a lot of multi-receiver sets and puts a premium on short, accurate throws, Johnson is a valuable asset, a guy with a gift for getting open in short, tight spaces.
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