If we had the No. 2 overall pick and there was a receiver worthy of that pick, then that might change how we look at Dez's contract.
The Giants are in good position to get out from under JPP's contract because of where they are drafting. If they don't take Chubb, though, they've damaged their pass rush to do it unless they find another way to add a quality pass rusher.
Of course, then there's the issue with their GM having given JPP a "bad contract" to begin with, which really just shows that there are a lot of bad contracts given out in the league because that's what it takes to retain players or sign FAs.