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I used this in another Lloyd thread a while ago, but here it is again:
In 2011, TB completed 401 passes without Lloyd. With Lloyd in 2012, TB completed--you guessed it--401 passes. I'm not saying that you can plug anyone into that spot, but Lloyd didn't have much of an impact. He's clearly not worth the 5th highest cap number on the team. If Lloyd had a cap number of $2M or so, there would be no discussion. It's a value-based decision, just like dozens of others the Patriots make every year. Making these types of cuts is what keeps this team competitive.
There is a huge problem with your argument here. It totally overlooks that Lloyd picked up some of the slack from Gronkowski missing so much time and the time that Hernandez missed. Gronkowski went from 90 receptions in 2011 to 55 receptions in 2012. Hernandez went from 79 receptions to 51 receptions. Who picked up the slack? That's right. Lloyd.
It is a value based discussion, but you need to make sure you look beyond just the tip of the iceberg of the total passes Brady Completed..