The reality? The Cowboys probably won't pick a CB in Round 1 if Jones has been signed, is nearly certain to be reinstated and hasn't lost his way in another strip club. That's the gamble, and it's real: Jones screws up, and Beetle Bailey is the third corner. It doesn't have to be that way -- the Cowboys could draft as if Jones doesn't exist -- but as Juke noted, there are problems with that scenario. I would hope the Cowboys cover themselves as much as possible by taking a couple of corners in the mid- to late-rounds. DBs are always useful on special teams, if nothing else.
Equally intriguing: Now the Cowboys have at least one premium pick (two firsts, one second) to, essentially, play with while still filling two pressing needs -- a backup RB and a WR. Do these sound like plausible scenarios?
1) Dallas stays where it is -- no trades -- and takes a RB, a WR and the player it finds most appealing at another position (NT, G, S, maybe a pass rusher)
2) Dallas trades a pick for a veteran wideout, and if the guy is desired badly enough, uses a second pick to up the ante and out-bid any competitors
3) Dallas attempts to trade up as far as possible to draft Darren McFadden
4) Dallas trades up more conservatively to draft Mendenhall or whichever WR it rates most highly
5) Dallas wants to trade up pretty aggressively but has targeted a premium player other than McFadden
The latter proposition is the most outlandish, but there nags at me a sneaking suspicion (or maybe I ate an undercooked vegetable) that Jerry Jones could have a surprise in store. Might he shock the world by trading up, then drafting a premium pass rusher? Unlikely. Still, a rotation of Ware, Gholston or Chris Long could, potentially, put waves of pressure on a QB. Keep the knives sheathed: It's just a notion.
But it's difficult to craft any scenario that allows the Cowboys to move up significantly in the draft after having used a first round pick to trade for a WR. The one obvious possibility is that the Cowboys think the second round is the value for wideouts and also are confident they can get a decent RB in Round 3. Those are tough assumptions, though, unless Jerry Jones is gambling that Pacman's return skills can put enough extra points on the board to preclude the need for a "sure thing" addition of oomph to the offense.
By adding another pass rusher, though, the Cowboys could shed Greg Ellis' contract. If, on the highly unlikely chance the trade-up target were a premium OT, the Cowboys could lift the franchise tag on Adams and create a great deal of room to pay a top wideout.
Draft run-up is so much fun.