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Most teams which develop talent and have a strong foundation in place have had no issue developing WR talent beyond the first round.
The devil is in the details though, isn't it? I mean, you can "develop" a low round pick so that he may be decent, but that doesn't mean that you can reliably just turn low-rounders into Pro Bowlers. It does happen, but the odds of turning someone into a No. 1 drop the deeper you go into the draft. And it usually takes more time as well.
We drafted Schwartz in the 3rd round, and so far, this team would probably be better off if we'd just passed on the pick.