Right...basically missed declaring Cobb's contract. The standard penalty for violations is losing the later pick, not losing your 1st round pick. I even helped him with his declarations, and apparently I missed Cobb also.
I found one case where that was going to be the penalty:
http://www.predsff.com/forums/showth...ghlight=missed
I think to be consistent with other declaration violation penalties, he should lose his last pick, 4.1 - LB Denzel Perryman SD, and Cobb is assigned the remaining 3 years left of the 32.