Not at 35 mil a year it ain’t
in 2004, the NFL salary cap was $80.58M, and 2005's was $85.5M. In December of 2004, Peyton Manning received a seven year extension worth $98M, for $14M a year, just over 16% of the 2005 salary cap. In the same year, his best friend Marvin Harrison received a
seven year extension worth $67M. At $9.57M per year, that is around 11% of the 2005 salary cap.
$35M for Jefferson against a $255.4M salary cap is just under 14%, an increase right in line with the approx. 20% and up that you pay for your top of the line QB. That is the going rate for the positions that define a modern offense. Teams pay top dollar for those guys, go cheap on RBs, draft well on defense, spend cheap contracts on role players, and stay relevant in a league that is geared towards passing offenses. The Bengals and the Cowboys are going to do this too; they will likely lose out on one of their best defenders (Lawrence and Hendrickson) to afford it, and they will draft replacements for them.
Edit to say - and why is this more absurd than Myles Garrett Chris Jones getting 12.5% of the salary cap on average, and Nick Bosa getting 15%? Arent these premiums what one pays for top of the line talent that open up the rest of your scheme?