There are THREE main roster questions on the offense. This is one of them (C, WR, RB). The good news is that Belichick has acceptable choices on the 2011 roster. He can also choose to fill the needs through free agency, trade or the draft.
Both are likely to be starting centers this year. Both are likely to be $3M a year players in 2012. Connolly was not since he has been a backup until the injuries in 2011.
If Waters goes, I would like to sign them both, probably at $3M each.
Given the choice, I would take Connolly. He has a lot of flexibility.
If we keep both, it is unlikely that we would spend one of our first four picks on a center. I find it unlikely that Belichick will do so anyway. After all, we have Wendell and MacDonald as backups; both have started.
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A POSSIBILITY
Koppen may be willing to sign an end of career contract like Light did, so that he can finish with the patriots. My gut feeling is that Dante and Brady would like this result. In this case, we would likely draft a center for the future.