Well personally, I'd be happy with either Jennings or Wallace, but Bowe would scare me. The only real issue I have with Wallace is his price tag, but there are so many variables to our salary cap situation that I think we'd almost have to withold judgement on that until we see teh total plan for our salary cap in place.
Jennings I know provides that veteran WR that knows the system and helps our young QB, plus he is an instant plug-and-play #1 WR in Philbin's system, which is almost impossible to find. The biggest thing that separates him from Wallace in my mind Jennings is already a leader in the locker room and already helps young WR's. Our long-term development relies on young WR's and having them tutored by Jennings and see Jennings go the extra mile, and see all those little things that young WR's fail to do be exemplified in Jennings as a leader by example really makes me confident in our young WR corps being good well past the 4 year window of Jennings' contract.
I'm not sure everyone fully recognizes that this will not be Wallace's last big payday. Much like Jake Long, we had what we thought was the answer at an anchor position for the long run. Well, one contract later, we're rethinking that, many saying we cannot afford to resign him, and are seriously contemplating simply letting him go for nothing. So Wallace is young, and he will either not be fast or still be fast when his next contract renegotiation comes up. If he isn't fast, he's not worth the contract and likely gets cut. If he still has that elite speed then he'll command and demand another crazy high contract, and we'll be facing the same situation that Pittsburgh is in with him right now ... he is too expensive. So, while I get that Wallace is young and that's a very good thing, I don't accept that it's a slam dunk he stays good with us past this contract. Food for thought.