You could look at that way. Or you could say developmental guys where it is evident at draft time they won't be ready until the "second year jump", if it happens, are sharply discounted below their athletic potential. He's not just a 7th. round pick...there's been an investment of time and a roster spot. The physical talent simply hasn't manifested itself as the necessary complement of receiver skills.
You can get all fantasy-jiggy over a 100 yard game, but I would remind you of the fate of Jarrett Boykin. He had a 100 yd. game, if I recall correctly, and 681 yards total in his second season. Then there were 3 catches in his 3rd., and then he was gone. Why? He was just too darn slow, the same reason Jones was not brought back.
Janis is not slow. His problem is different, but the point is the same. He has not yet shown himself to have developed NFL wide receiver skills, some of which might be improved upon with repetition but cannot be coached.
Why the heck do you think they drafted a speedy WR in the 5th., one for whom Wolf highlighted ball tracking skills? I don't think it's a coincidence that the draftee also returned KOs in college.