The Redskins weren't able to acquire a pass rushing defensive end in the draft so the next option was to go shopping at Costco. Not much is lost in the signing of Erasmus James. Skins new DEGiving up only a conditional 7th Round Pick next year seems like quite the low price.
Have the Skins finally figured out the system of paying league veterans at the appropriate value and level? For those fans that are also Nationals fans, GM Bowden has often found gems from other teams scraps. The first couple of years without ownership and tied to a low payroll the only players Bowden could sign to a contract were players that were coming off of injuries or bad years. That was why they could be signed to such a low contract and were available. Hopefully this will be in the past as new ownership will spend money in offseason acquisitions and will be bolstered by an improved farm system.
The Redskins appear to have taken a page from Bowden and have gone bargain shopping. The signing of James is all upside. If he recovers from health concerns, passes a physical, makes the team, stays healthy, and performs anywhere near to the level that NFL scouts thought as he was a former first round pick then the Skins will have found a short term solution to their pass rush woes. It's alot to ask and nothing to lose.

