Not really killing them, he's one of the best receivers so a high cap hit is expected anyway. They've managed to work around it just fine.
My only problem is with his health. A 16 game Calvin is worth the money, but when Calvin is essentially a non-factor like he was last year for a 5-game stretch because of injury (and less than 100% the rest of the season) it's a higher cost for less production. I'm not sure it's ever going to get better the older he gets.
Yes, injuries are mostly random/unpredictable, but with the way Calvin plays and his history the past 2 seasons I have to wonder if he'll be missing more time in the future. We see it every Sunday, Calvin going up for the ball and taking a huge shot, injury is inevitable...but that's what he excels at, so we have to deal with the risk. The tin foil hat part of me also believes teams occasionally target him in the hopes of knocking him out because he's such an important factor.
Love Calvin as a player, but I don't love them paying him 25% more than any other receiver for 11 games worth of production. Unfortunately that's not Calvin's fault and something he has no control over.