This is JS making the best of a tricky situation. I'm not bothered by it, but I have a higher regard for Lockett's value than a lot of you.
The $12.9 he'll be making is on the high side for a 31-year-old receiver who is solid (79 catches, 894 yds) but not a superstar, but it's not completely out of line. I mean Jerry Jeudy (54 catches, 758 yds) will make $12.9 million, and Diontae Johnson (51 catches, 717 yds) makes $19 million.
Also, even though Lockett failed to get 1000 yards last season after 4 straight years of at least 1000 yards, the entire offense last year was borderline dysfunctional. And he's still WR2--Smith-Njigba had his moments, but he finished last year with 63 catches and 628 yards, so he's still got a ways to go.
Lockett, from 2018 to 2022, averaged 79 catches and 1056 yards per year, with 13.3 yds per catch and 45 TDs. And it's not like he fell off a cliff last year. It was a down year for Geno and the offense last year. PFF still ranked him with a WR1 rating of 78.1 (DK was slightly higher at 80.0). As a point of reference, Stefon Diggs and Devante Adams each had a rating of 79.1 and Michael Pittman (top WR free agent projected to get over $20 million per year) had a rating 77.7.
Lockett is still an elite route runner who can still get behind the coverage on deep routes. He catches everything thrown his way. He's still way better than anyone we can get to replace him.