Teams that take the proper approach to the offense and the QB position do not let players like Jimmy Graham go. The only way a guy like Graham leaves N.O. and Drew Brees is if he WANTS to leave and if he wants to leave no way in hell he comes to the Jets with our current offensive situation and Geno Smith at QB
In FA, players most commonly go to the team that offers the most money (or just about the most money), with rare exceptions. If one team blows away the others with the offer that team will be the winner. The teams that pony up the most money for receivers are typically those that need them the most.
NO will probably keep Graham. The best reason is that all they have to do is tag him as a TE (if they can) and it's WAY less than he'd get as a FA.
The Jets invested plenty in receivers. The problem is they invested poorly (Edwards, Holmes, Keller, Kerley, and Hill all cost draft picks for those who say the Jets ignore receivers with their draft picks). They also paid a bunch of $ to Holmes in particular and Edwards as well.
So it isn't the "what" that the Jets were doing wrong (as compared to others). Hopefully we start to see a change in the "who" which the Jets were most definitely getting wrong (Kerley notwithstanding, and I do like the el-cheapo Nelson pickup). If Hill improves greatly it'll go a long way, but you can count me with the majority of fans who are pessimistic about his future.
But that goes for QB also, not just receivers. You can't double-down on garbage passers and think they'll just be good if we'd only surround them with better WRs. It'll help, of course, but a bad QB is a bad QB.