I think if we don't pay Schultz and Ferguson only looks like a backup, then we'll have to take a TE early to better our chances that we hit on one. We would also pick up a cheap vet option just in case.
Let me add that it's not all on Ferguson, though. We'll also be watching the improvement of McKeon in his third year and I'm intrigued by the UDFA Peyton Hendershot. He led Indiana in receptions last year with 46 for 543 yards and 4 TDs, and finished as the school's TE leader in receptions (136) and yards (1,479). His numbers last year match up well with Ferguson's (46-450-3) with Ferguson having slightly better career numbers (145-1,618). Doesn't mean anything, of course, as both could be worthless on this level.