Randall Cobb doesn't exactly fit the mold of a big-bodied wide receiver, which has been more successful recently, but he had the best metrics of any remaining free agent on the board.
Cobb's Reception NEP (119.13) ranked seventh among receivers this year, and even more impressive, his Reception NEP per target (0.94) ranked tied for second among qualified receivers -- both Dez Bryant and DeSean Jackson posted per-target Reception NEP averages of 0.94.
In 2012, he posted a Reception NEP of 90.14, which ranked 19th in the league among receivers, and his 0.87 per-target Reception NEP ranked eighth, so he's proven capable of being able to produce top-10 per-target metrics.
Cobb turns 25 in August, so he'll likely be the top free agent target in the league. Based on his metrics, he probably should be.