It’s still a lot of money for a player with only one pure skillset
In the modern-day NFL, you can’t just be great at one thing and expect to get paid big money. Sure, Derrick Henry got big bucks but he’s also a giant and could play linebacker or defensive end with how big he is. Nick Chubb is the size of cornerback, plus ten pounds. He’s not the same type of player or athlete is the point here, so to expect Chubb to do the same things as Henry isn’t realistic
Most runningbacks the size of Chubb often excel as both a rusher and pass-catcher, and to be clear, there isn’t a better pure-rusher than Nick Chubb in the entire NFL. That’s a given, but Chubb is as much of a threat to catch a pass out of the backfield as Tim Couch is to guide the 2021 Browns to a Super Bowl.
That’s a bit facetious but still, you aren’t going to put your best coverage guy on Chubb if it’s a passing down is the point.
He’s far from the same level as Christian McCaffery, Alvin Kamara, Dalvin Cook, or Saquon Barkley. Cook alone nearly doubled Chubb’s tota-yards-from-scrimmage and Cook is arguably the least impressive duel threat of the four mentioned.
Chubb is a fantastic runner, but he doesn’t add that next-level threat that others do. Some will argue that it’s because Chubb’s coaches haven’t called for plays like that for him to shine, but it’s far more likely that he’s not as good at it as others are. So it’s most likely the coaches know he isn’t that big of a pass-catching threat.
Putting that much money into a one-note player is questionable, considering the fluctuating salary cap year to year.