Your facts are off.
1. Bodden didn't make league minimum $750K last year. He made around $2.25M last year. And he specifically chose to sign a 1 year contract with a "no franchise" clause because he couldn't get what he considered to be adequate value on a long-term deal, and decided to "prove his worth". Having proven his worth, he now wants to be adequately paid.
New England Patriots Player Profile: Leigh Bodden
2. Bodden isn't a shut down corner by any means, but he is, as you say, a "quality NFL CB". And the going rate for "quality NFL CB"'s is around $6-7M/year. Jabari Greer got 4 years at $24M from New Orleans last year. Dominique Foxworth got 4 years at $28M from Baltimore. Neither of those guys is a "shut down corner" by any means. Asante Samuel, who is not a "shut down corner" but who is a terrific ball hawk, got 6 years at $57M. Terrance Newman got 6 years at $50M from Dallas. Nnamdi Asomugha got 3 years at $45M from Oakland. So the price for anything approaching a "shut down" CB increases considerably.
That's the market value. The Pats may not choose to pay it, but someone else will. Quality NFL CBs don't grow on trees.