I'd be shocked if the Eagles were that bad this year. This is a gamut team this year. A 5 win season wouldn't be surprising, and neither would a playoff berth. The NFC East in a nutshell basically.
With Watson, I'm not sure the price is going to be anywhere near what it seemed to be 5 months ago. What was once likely 3 1sts+, is likely now just a 1 1st, and maybe some other picks. Obviously the Eagles(or any team) would be taking a huge risk trading 3 1sts for Watson, but if he gets cleared, and you can get him, and still have 2 1sts next year, its a huge upgrade. Watson was arguably the best QB in the NFL in 2020, and has basically no on field weaknesses. Pretty much any rookie QBs absolute ceiling is where Watson currently is, or lower, and he's still only like 26.
If somehow Watson is absolved, and ends up in Philly, I think they are a playoff contender this season for sure. The Texans went 4-12 last year, with a much less talented team than the Eagles currently have, but had 10 games decided by 1 score last year, they went 2-8 in those games, and in most of them, Watson got them in position to win, only for someone else to blow it. If the Eagles had Watson last year, they would have run away with the NFC East and probably won 10-11 games in my opinion.
I think the Eagles with Watson, would be somewhat similar to where the Seahawks are with Wilson right now, with maybe a little less certainty as with know a lot less about Sirianni than Carroll. That seems like a better place to be in, than hoping a rookie pans out, though again, only if the price is right.