In return, the Bills will get cornerback E.J. Gaines and a second-round pick in 2018.
However, the team isn't tanking. He finishes his career in Buffalo with 153 catches for 2,459 yards and 17 touchdowns.
For his part, Matthews will obviously take its place in the Bills.
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Before you completely remove Watkins from your draft board, remember that this is one of the most talented young receivers in the league.
The deals come just a day after the Bills had their first preseason game of the year, a loss to the Vikings. Last season Watkins missed half of the season due to injury which limited his production.
Though, when healthy, Watkins is a very risky deep threat.
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Will Matthews be able to effectively replace Watkins' in the 2017 season? Matthews, however, is primarily a slot receiver who is effective in the middle of the field. They have the Rams second-round pick and the Eagles third-round pick in addition to their own choices in those respective rounds. It now gives them not only a go-to receiver, but also a player who can make plays down the field and draw the defense.
Watkins and Matthews will both become unrestricted free agents in March.
In 2015 when Watkins played in 13 games, he had 60 receptions for 1,047 yards and nine touchdowns. This could work out for the Bills in the long run. While he won't be starting against opposing team's primary cornerbacks, he'll still be a productive receiver who will likely stay healthy for Buffalo.
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The Bills never bottomed out as badly as the Browns in recent years, but Buffalo's impressive stash of draft selections rivals that of Cleveland, which is in full-blown rebuilding mode.