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It's not that the New York Jets didn't address the receiving corps, because they signed a free agent and invested an early draft pick at the position.
It's the fact that they needed to provide Mark Sanchez with immediate help and simply didn't do it. Chaz Schilens was a former seventh-round draft pick, and his durability and production thus far has shown it.
Stephen Hill is indeed a highly regarded prospect at a position of need, but again, he won't be able to help like the Jets will need him to. As Bill Barnwell of Grantland.com explains:
As a rule, if a receiver with Hill's physical gifts isn't worth a first-round grade, his skills are years away from actually appearing at the professional level. There have been 27 receivers who were 6-foot-3 or taller taken in the second round of the draft since the merger, and they averaged 18 catches, 262 yards, and two touchdowns as rookies. Only one managed to bust out a 1,000-yard season during his rookie campaign: Cris Collinsworth.
So history suggests Hill will have a minimal impact at a time of great need for production.