Nope not racist at all, that's what he looks like to me. If he were white, he'd look like a fat white baby or rather.. rick majerus. "Fat baby" just doesn't do enough for me.
I do sometimes forget that most folks on this forum dont' have a ton of minority aquaintances (thus when they hear that stuff it's foreign to them and somehow possibly offensive), but where I live, it's practically 50/50 (most of my medical patients are minorities too) and my black friends would have gotten a kick out of me saying that about Watkins... because he looks like a fat black baby.
Could be worse; take a look at what his own teams fans are saying about him.
http://www.blocku.com/2011/12/5/2613338/jiggy-watkins-suspended-indefinitely" onclick="window.open(this.href);return false;
btw: I was at Kayne West and Jay Z last week in Kansas City... there were a few black people there too ;) (it was an awesome concert)