My Take On Immediate Priorities
 

The first three items need to be done in the next week or so
1. Restructure or cut Willie
2. Restructure several with signing bonuses
3. Make a decision on Poole.
4. Continue with the "quick wins" perhaps by signing a couple out of
Dwight, A. Davis, Stone, Chad Scott, Evans,Chatham,Brown,Flutie,Fauria
Dwight, Chad Scott, Andre Davis and Troy Brown would be my choices.

Note we have already signed many from last year: Poteat, Hawkins, Tucker
D. Davis, S. Thomas, Alexander, Britt, Krug, Ventrone, Roehl and McGrew
I think the first three are definite keepers.
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bb and pioli don't go into bidding wars, especially early in free agency, although we again trade a pick for a player. While we may get one of the following free agents, I expect them all to be gone:
Givens, Vinatieri, Ashworth, Neal

This seems the normal level of serious free agent losses. We will also lose a couple of the jags listed in the first group.
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MY PRIORITIES FOR SPENDING REAL MONEY
1. Extend Seymour
2. Extend Branch
3. Extend Koppen
4. Extend Samuel
5. Extend Graham
6. Extend Brady (making more cap money available)
I don't know how many of these will happen, but they are all much more important than overpaying by 50% (my guess) in the free agent market, competing with teams with $320M more to spend on free agents than they had yesterday. The number of players is not changing. So more will is likely to spent on each free agent, at least for this year.
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There is a great opportunity to have this team set through the end of the decade. The way to do this is NOT to overspend on free agents, either this year or next.
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The Pats will pick up about $3 million in cap room on a simple restructure of Brady's existing contract.

They'll move $3 million of his salary to prorated bonus money. Then, they prorate that $15 million ($12 million option bonus and the new $3 million restructure bonus) over five years instead of four.

This will bring Brady's cap number down to about $11.4 million -- not bad considering that it's the last year year of proration ($4.5 million) from his old contract.

From there on out, the Pats are in great shape with Brady's contract -- the cap numbers remain pretty much level through 2010.

Sal cap at 102 mill in 2006
 

And 109 million in 2007.

Its going to be very interesting.

The Patriots are at 90.5 million of the 101.5 million adjusted cap that they are under. Patriots have a 2.5 million cap adjustment to to NLTBE incentives that were earned last year.

That puts the Pats at $10-$11 million before any more roster moves.

Possible Moves:
1) Restructure Willie with a saving of up to 4.5 million
2) Cut Ty Poole, saving 1.5 million on the cap
3) Restructure Tom Brady, that could save 3 million on the cap
4) Richard Seymour extension, which could save a LOT on the cap
5) Deion Branch Extension, would add money to the cap
6) Dan Koppen Extension, would add money to the cap
7) Daniel Graham Extension, would add money to the cap.

Ty Poole was a pretty good corner back in the day. But, he's spent the last two seasons on injured reserve with knee injuries and basically has not played since the 2003 season. I believe the Pats can find plenty of guys to put on IR for less that $1.5 million a year.

Oddly enough, they have. One would think there is some contact going on in the NE secondary.

A great analysis...
although I am not sure I would agree with every move...or agree with all the outcomes..but it's a good place to start. Congrats!!!
As to the first 4 things...restructures are fine...McGinest has been cut..and I would do the same with Poole..not sure why he is still around, esp given how he has been on IR the last 2 years and a total no show. I also like the
quick resigns...Like your 4 chioices, although I think CScott may want to shop around a bit..and Dwight may retire. Davis and TBrown to me are no-brainers. Stone may fit in this quick sign category as well as might Evans. You never can have enough RBs..even one that is more like an old time FB.
Fauria may be good as well, although I think he may do some shopping as well; "ditto" Chatham. Flutie might retire. As to bidding wars, I agree, one can't get into them..but I see possibly two and if one includes WIllieMcG in there, possibly 3 back. I am still believing AdamV will stay in a Patriot uniform
and that the Pats may sweeten the money some to keep him. If this does not happen, a kicker should be a top priority and it may be only a bit more to keep AdamV than a FA lesser kicker. Givens is gone..and I think Ashworth as well. Neal is more of a possible to stay, but some team may think he's a lot better than he is and overpay...which will mean he is gone as well.
what is right on the money though is extending Seymour and Branch..get that done, locked inand they'll be 2 happy campers. Koppen I am not sure of..as I really think he wishes to go to FA and then there is the whole injury question from last year. Graham and Samuel are next...esp the under rated Grahmbo..a super blocker and one who is getting better with his hands. Both keepers.
The one area that was not discussed was the free agency...and here, I really think a WR, CB and LB could be places where BB/SP start...although a vet like Mawae would be a great addition as well.

Insightful thoughts from Mgteich, and the rest of thread gives you plenty more to think about.

I would add that an 'immediate priority' is to make a decison on the RB situation, which I believe is in crisis mode. There is no way that BB and Pioli are counting on Dillon as a certainty for next year. He is at a very vulnerable age for RB's, just had his first season of prolonged injury problems, and looked very up and down when he was on the field. that means the Pats don't have a RB they can bank on and that scares the water right out of me when I think of what kind of beating TB took this year at least partly as a result of the weak running game.

So when FA starts tomorrow night I say the Pats MUST make an early move and not wait for the leftovers unless they are willing to draft a RB in the first round.

That $5mil guarantee they gave Dillion is the only thing keeping him on this team. And that bonus is one heck of an albatross when you look at the increase of the salary cap and realize without the Dillon dollars we would certainly be in the picture for James.

I don't think Belichick would be in the market for James. He's not really the kind of back the Pats seem to like.

What Belichick wants from a back is the ability to pound the ball and pick up a 3rd and 1 or score from the 3 yard line. The number one thing he wants from a back is moving the chains, grinding the clock late in the game, and taking pressure off the passing game. E. James is mediocre power back.

Huh?

Edgerin James doesn't move the chains?

James doesn't grind the clock at the end of games?

James doesn't take pressure of the QB?

I politely point out you're dead wrong on all three plus James is an excellent blocker on Blitz pick ups, usually the sign of one tough hombre.