If people are considering him as the #1 overall WR in dynasty, yeah I think he is overvalued. To me he is roughly in the WR8-12 range. I don't think I necessarily want credit for calling him overrated or anything. Most of things I am posting, I am discovering as I go. To me, the surface looks amazing (young, good season, great offense) but as I have dug deeper, it's made me a bit skeptical of him. I think he has a very nice floor and is a safe player to own in any format, my concern here has always been ceiling related.
Ok, so if you're trying to learn, what did we really learn here?
You like Thomas but you don't see a huge ceiling.
You originally thought he looked amazing, but now feel like he's wr8-12 but are "a but skeptical"
You know there are no truly risk-free players but you'd be willing to trade down from him to multiple good players to spread out the risk.
What's the takeaway? I think you've described a mid-low dynasty wr1. There may be Cooper owners who feel totally confident in him but I wouldn't. There may be Hopkins owners who are positive he's going to bounce right back to wr1 status, I'm not.
I think most of us are confident that brown will be a stud. So when you see people giving up huge packages to get him, it's not just because they see him as elite, but safe and elite. When you see someone giving up a lot for Hopkins, it's because he's elite, but not safe. For Thomas, it might be safe but not quite elite. If you give up the farm for Hopkins and are right, good for you, but if you're wrong you just gave up a ton of capital. If you gave up that same capital for Thomas, hey great you got a wr1, but he's probably not going to be a 1500/15, win your league single handedly stud.
So that is exactly why the very best guys are so expensive - and why you should usually only pay those monster prices for guys you feel are elite and safe and relatively young. There aren't many.
You mentioned you would take cooks over him. I think that's nutty. I'm not convinced he's elite. I don't think he's safe at all. And while he's young, he might not have long with Brady. I'd love to get him cheap but I would be pleased if he gave me Michael Thomas numbers. If you are taking him over a "safer" pick (which seems crazy considering Thomas is a second year player), you're paying a premium for his upside. I'm willing to give up x in safety for y in potential production. Which means you need to think cooks can be a true, super elite stud. Or for duration - I'm willing to give up some safety and some upside for a young player with a young qb.
In practice, what does that mean for you? When i think safe, young, high floor, low upside guys i think Landry but there may be other similar guys. If your team is loaded with risk, but you've alteady given up your future first round pick, maybe you are willing to pay a small premium for someone safe. If you're already loaded with safe, you'd pay a lot less. If your league mates are similar then look over their roster to figure out what kind of players they might be looking for so you can structure the right kind of trade for them.