And I think Belichick would be a fool if he allowed him to hit free agency. The Pats have to make a decision on the second year option prior to that (obviously).
They either work out an extension, which the Pats obviously want to do, or they bite the bullet and accept the 20m dollar year two option. Not only would it guarantee Revis being here through March of 2016, but it'd also give the team another 12-13 months (since it'd be done in Feb.) to work out a longer term deal.
Either way, if they allow him to field other offers in free agency they are morons. He's already stated that he doesn't need to be the highest paid CB in football, just as long as his new deal allows him to be in the mix for the top few players at his position.