Well, Perry is in his fourth season now and the Packers, by declining their fifth-year option on him, seem to be kind of disappointed with him as well.
Picking up the 5th. year option for Perry would have cost the average of the 3rd. - 25th. salaries at his position. That's quality 3-down player money. This rule applies to all #10 - #32 picks.
Melvin Ingram was also a 2012 draftee, is also a 3-4 OLB, and was also a 10 - 32 pick (#18). He'll be paid $7.8 mil next season under the 5th. year option.
"Kind of" disappointed in Perry is probably a good way to put it, since there are several millions worth of disappointment in his play compared to that Ingram option figure.
Of the 2012 first round draftees, the following were not offered a 5th. year option:
#3 - Trent Richardson (He was traded and signed a 2 year deal with Oakland, but we should include him here since nobody would have exercised the option had the opportunity presented itself.)
#6 - Morris Claiborne
#7 - Mark Barron
#15 - Bruce Irvin (Seattle expressed interest at the time in signing him to a new contract, but
that has not happened...it's safe to say they didn't think him worth the option money or
they want to spread the 2016 cap hit with a new deal eventually)
#19 - Shea McClellin
#22 - Brandon Weedon (He was cut and ineligible for the option; like Richardson nobody
would have paid him that money)
#26 - Whitney Mercilus (He signed a 4 year/$26 mil contract instead having the option exercised; he really doesn't belong in this list so I'll strike him)
#28 - Perry
#30 - A.J. Jenkins (SF cut him and he was a free agent; put him in the Richardson/Weedon category)
#31 - Doug Martin
#32 - David Wilson (He he retired due to injury, so I've struck him.)
On this basis anyway, 1 out of 3 first rounders from 2012 were busts. It's interesting to note that Irvin (perhaps a semi-bust on this basis, though that hardly seems right at all) and McClellin were in the conversation along with Perry as draft possibilities for the "bookend" position.