Deep threats are overrated, but Lloyd was a dep threat specialist until McDaniels got a hold of him and rounded out his game. Prior to McDaniels, all Lloyd was used for was mostly go routes.
The important part there: the guy was a beast in the Patriots offensive system. I don't care much what he did elsewhere - as we've seen, production (or even lack of production) does not translate from a non-Patriots offense to the Patriots offense.
There's so much less guess work with a guy like Lloyd. WR has been one of our biggest boom/bust positions, and Lloyd is one of the easier vet FA WRs to project in years.
As for how much we will or won't spend on the WR position - I think some posters oughta reconsider their stance. Pioli (and Belichick by extension) is on record as saying they are re-evaluating the importance of certain positions like WR3 and slot corner based on the # of snaps they play.
The Patriots valued that position enough last year to trade for Ochocinco and give him a decent extension.
Let's remind ourselves that two of our best offensive weapons, Gronk & Hernandez, will continue to be dirt cheap for the next two years - including under $2 million in cap hit next year. Our RBs have a total cap hit of $3 million next year, unless we re-up with BJGE, and even if we do, he'll come cheap too.
We have a bunch of guys hugely overperforming their contracts - on both sides of the ball right now, and only one (Ochocinco) not performing up to it. That's incredibly fortunate - and very rare.
Bottom Line: Had they had a better outside WR on February 5th, we'd be celebrating our 4th Super Bowl ring right now. Upgrading that position this offseason should be rather simple, and all it will cost is money.
I swear, sometimes posters would rather be right than this team improve or win (obviously not directed at you or your post Rob, at all, more of a general comment on some posts I've seen this offseason).