No, no, no.
— I would never pay any WR that much. Ever. WR is too low on the positional priority list to dedicate that much cap space to it.
— The entire idea in dumping Cousins is to free cap space, yes; but not just for the sole purpose of giving that cap space to a WR! That's insane. Crazy.
You need that space to be available to you as you continue the process of building this team out at multiple positions. The defense has been abysmal and desperately needs retooling, for example.
Gather to yourself a jewel-like collection of draft picks and use your newly-available cap space to pick up some key players at various positions that meet your needs and fit your team culture. Think beyond 5 minutes from now.
And I'm leery of guys who make noise about how they want to be the highest paid non-QB in NFL history. Me, me, me.