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In my opinion, this whole thing about Waters is getting to be ridiculous.
It's one thing to worry about the play of the outside tackles, but another entirely to worry so much about the RG. Either way, the team has done more with less anyway. They will mask any apparent weaknesses on the line.
This is a team where depth, competition, and doing your job are of the upmost importance. If Waters would have been injured would Belichick be that concerned about it? No. He'd just expect the next guy in line to step up.
Connelly, Wendell, McDonald, and Thomas should be able to provide a reasonable alternative without too much of a downfall, and they are all potential parts of the team moving forward.
They offered Waters what appears to be a reasonable solution to finish out a small 2 yr deal (which HE wanted in the first place). He decided not to want to honor it. What are they supposed to do, curl up in the corner and cry?
We need to move on. If Belichick felt that Waters' return was 'that' important for the success of the 2012 team, he'd have offered him more money. Apparently, he isn't that concerned.
No, they didn't. They opted to try and cut his pay for no reason other than they thought they could...
I'm sure Waters was chuckling as he watched the pre season unfold. Whether he even asked for more (and there is no proof yet he did) after that is immaterial. They screwed the pooch with the haircut request. $2.15M for a pro bowl guard even at his age is peanuts. They gave Gallery a $400K signing bonus to be his place holder. His deal was for a total of $1.8M...straight up without incentives. I'm sure that is what led to the initial discussion of Waters taking a pay cut...fear of overpaying for Gallery's backup...