Who cares about overpaying one player when you have as much cap space as the Patriots will have the next two seasons and are a really bad team as of now? The wr free agency market has sucked for years. The top guys either get re-signed or traded to a team that will re-sign them.
Ridley is overpaid but seeing that they had no other plan for free agency besides him, they should have given him whatever it took to get him to sign with the Patriots and structured the contract in the way that benefits him the most. It would have taken a lot of pressure off everyone. After the draft you could trade for a Higgins or Aiyuk too. Really try and give your rookie qb the best chance of development by having two 1,000 yard wr to throw to.