Devon Cajuste is likely going to be the toughest of Stanford's combine participants to analyze. By NFL standards, he just doesn't seem to fit the bill of a true WR. at 6'3 and 216 pounds, he is slightly undersized to be a red zone threat, and lacks the agility to be anything more than a possession receiver. His lack of downfield speed doesn't appeal to clubs looking to improve on special teams.
Despite his obvious shortcomings as a WR, he might be capable of transitioning to being a TE/H-Back hybrid. Of course, he would need to be willing to make the change, but if he chooses to do so, it will greatly improve his draft stock.
Some are comparing Cajuste to Lance Kendricks, and others have made a connection between him and Devin Funchess. If he chooses to enter the combine and draft as a WR rather than transitioning to another role, I think he'll be comparable to the Raven's Chris Matthews. Matthews is another oversized WR without an explosive burst off of the line of scrimmage, but uses his size and athleticism to rise over defenders for jump balls.
In a draft class that is rich in WR's, I have a hard time seeing Cajuste going any earlier than the 5th round. I wouldn't be surprised if he goes un-drafted. However, with a change of position and a good combine grade, he might make it onto someones draft board.