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The $8 Million @ 5 years is a figure proposed by Ian Rapaport that "in my mind" would be enough to get a deal. There is no inside information concerning the terms of the contract.
Seriously. It doesn't take much to get the media worked up and misinterpreting items. Here's what we do know:
1) Ian Rappaport and Albert Breer independently have separate sources which indicate that Welker's camp is talking with the Patriots, and each source indicates that there's enough common ground and sentiment that an extension might be reached before free agency.
2) Ian Rappaport admits he knows none of the specifics, and openly guesses on what he thinks the numbers would be that would satisfy Welker.
The only tangible fact here is #1, assuming those sources are correct. Although I do sometimes wonder if the Pats would be better off better served spending their limited cap dollars on defense and going with younger physical receivers on the outside, I would be very happy if the Pats and Welker could come to terms.
But #2 isn't a news story, it's speculation. I'm not going to get worked up over the dollar and year figures until we hear anything other than wild guesses.