To account for the explanatory role representations play in cognitive science, Egan's deflationary account introduces a distinction between cognitive and mathematical contents. According to that account, only the latter are genuine explanatory posits of cognitive-scientific theories, as they represent the arguments and values cognitive devices need to represent to compute. Here, I argue that the deflationary account suffers from two important problems, whose roots trace back to the introduction of mathematical contents. First, I will argue that mathematical contents do not satisfy important and widely accepted desiderata all theories of content are called to satisfy, such as content determinacy and naturalism. Secondly, I will claim that there are cases in which mathematical contents cannot play the explanatory role the deflationary account claims they play, proposing an empirical counterexample. Lastly, I will conclude the paper highlighting two important implications of my arguments, concerning recent theoretical proposals to naturalize representations via physical computation, and the popular predictive processing theory of cognition.