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I didn't hear that they had. I just googled it and saw a couple articles mention a source saying there were discussion of a restructured contract, but that could easily mean Lloyd's side pushing and the Patriots just saying, "one year, minimum, no guarantees" or something like that.
Do you have a link that says that the Patriots officially made another offer?
You may have a point about them not wanting him I suppose, and their "offer" may have been extremely low. I think we pretty much just all heard the same stuff, so I don't have any different information that you.
Most of the reports that we all read stated something like this one:
(courtesy of James Walker for ESPN)
"The New England Patriots decided to cut receiver Brandon Lloyd after just one season, the team announced. The Patriots were in discussions with Lloyd about taking a pay cut, but could not reach a resolution before his $3 million bonus was due this weekend. "
I still believe that they would have liked to keep him for lessened money for a lessened role, but as you say--that "lessened money" may have been something ridiculously low too.