2. Odell Beckham Jr.
The next-best wide receiver on the free-agent market is Odell Beckham Jr., which should tell you everything you need to know about the status of the wide receiver market and why this move is so head-scratching to begin with.
The idea of signing Odell five years ago would have been great but he is no longer the same guy. Whereas Allen has arguably gotten better with age, age has not treated Beckham very fondly and injuries have definitely slowed down his production.
Beckham signed a one-year deal with the Baltimore Ravens late in the free-agent cycle last year and it would not be surprising if Joe Hortiz takes a similar approach with Odell this time around. If the Chargers sign Odell after May 1 then he won't count against the compensatory formula and in theory, he fill in as the team's WR3.
That being said, he is still a massive downgrade from Allen and adding Nabers and Odell to the WR room isn't a fail-proof solution. Nabers is a rookie after all, so there is a chance of him getting a slow start in the NFL. Odell is one injury away from maybe not getting another contract and we know how the Chargers are with injury luck.
All that being said, he is still the second-best receiver that the Chargers can sign in free agency at this point in time. That is what we call concerning.