I've been an Edelman fan since I watched him in his first TC, but I think there's a tough little catch-22 here. If he gets some real opportunities at WR this season, and gets to show off his elite quickness, then the Pats will have plenty of competition for he services and his price tag will rise. And if he doesn't, then are you really prepared to count on a guy who's done precious little in 4 years in the league as your primary slot receiver?
I don't really believe that Edelman will get too many opportunities this season, unless Welker gets hurt of course. I think that we'll see some trickery from time to time, trying to showcase his skills, but I don't think that he's suddenly going to line up wide and set the world on fire either. His skillset is in the slot, as we've seen with our own eyes when he's been given a chance.
One scenario is that he finally gets more opportunities next year, but that is just one scenario of many.
All in all, I don't believe that he's going to get the opportunity to showcase anything too much this year--barring injuries of course. His job is still more than safe in my opinion, due to his ST presence, versatility, and upside.
It is however possible that we already have a very capable replacement (not saying that he can take over all of the production, b/c that would be silly when compared to such an elite talent) for the slot role that Welker has excelled in while here. After all, we've seen it with our own eyes when he was given the chance, and against elite defensive talent such as Baltimore too.
Conspiracy theories aside, and speculation about the future aside-- I don't see any reason to believe that someone who has been taught an entirely new position, has shown flashes when given the opportunity in the SLOT, (not outside, as he does not do very well there, luckily we probably won't need to explore that experiment this year), has worked incredibly hard, has proven versatility by being able to learn multiple positions/attended meetings on both sides of the ball etc, and whose bread and butter is already ST, will have any problem in making the team.
Only time will tell, but I would not put him up against guys like Branch/Stallworth in his chances of making the team based on WR depth alone, as he has a lot more worth + different abilities than that.