For that kind of money I'd want a TE who I at least think is capable of 1000 yards or is a dominant blocker and good receiver. Otherwise I'm spending that money on a good WR. Just my personal opinion.
I think you're better off with a dynamic receiver over a TE who is an oversized WR unless that TE can put up WR type numbers. Or the TE is a weapon as a blocker, something you don't always get from a WR.