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Considering the way the market is shaping up, the Pats could be paying $6 million a year for a downgrade from Lloyd.
At this point, the only reason it makes sense to cut Lloyd is if he truly is a problem off the field. You aren't likely to upgrade his on the field production in free agency as a #2 WR with the current market unless you gamble on an Austin Collie to get healthy by the start of the season or a David Nelson to get healthy and be a sleeper who is a star who was suppressed by a mediocre QB.
They could draft a WR that A) doesn't collapse to the turf before contact B) can run patterns that require safety awareness