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A couple other things to consider:
- Fells has $2,000,000 guaranteed; Shiancoe has $400k guaranteed.
- In terms of cap space it would actually cost the Pats more to cut Fells than to keep him (over $590k).
- When both were available the Pats signed Fells, not Shiancoe.
- Shiancoe was only signed after Fells was injured and Scaife did not work out.
- While the difference in signing bonuses does not appear to be that great, have the Patriots ever released a player that was given that much of a signing bonus or that much in guaranteed money in his first training camp with the team?
I still believe that if both are healthy then Fells will not be cut while Shiancoe makes the team. Fells going on PUP or IR? That's a different story.
If the Patriots don't have room for Fells on the roster, I'd assume that they would just IR him, then make him compete with Ballard next season.