Trying to put the pieces together, this is what I make of it...
Belichick has a quandary on his hands. This is 2020, and we have a locker room full of 25 year olds. An image of the Patriots of the late 2010's is of an old, white, Trump loving boot camp that fails to give its stars their proper due. It worked because winning cures everything. Now that they are not winning, Belichick needs to convince guys like Dugger, Uche, Owenu, Meyers, Jackson, Butler, Bentley, Harris, etc. to stick around for the rebuild. The first step is getting them to buy into the program - tough to go given the exodus of veteran talent in free agency and due to Covid opt-outs.
Cam has been, by all accounts, a solid leader. He is loved among a locker room that is young and still learning the Patriot way. His energy is infectious. He has lots of valid excuses at his disposal - late signing, no camp, his Covid infection, roster construction. The kids love the guy, they want to play around him, and they expect him to get his chance to return to 2015 form (and to be duly paid).
An acrimonious break-up will look real bad internally. Belichick needs to find the right "football" decision that moves on from Cam - softly.