I'm not sure what the chatter is about what is missing on offense. I'd love to have Fitzgerald, but I'd also like to have Ngata next to Wilfork and Adrian Peterson behind Brady, and Revis opposite Talib. Our offense was well stocked this year. If we had Gronk out there instead of Hoo-Man and Fells, we'd have our go-up-and-get-it guy, and I'd also be much happier seeing Edelboy out there instead of Branch. He's not Welker, but he was coming into his own before the injury, and his speed AND quickness can be a difference maker. He's a cheap and easy re-signing and does provide some insurance for Welker.
Given the need on defense for investment in the secondary (Talib), the need to resign Vollmer, and the cost of stocking the rest of the roster, it's hard not to expect Welker to be playing for less this year. Last year, the number thrown about was $8M per year, although we don't know what the Pat's offered. I wouldn't be surprised if it was $7M this year.
Program note: Lloyd spends 90% of his time outside the numbers. He was unusually active on in-cuts this past game with 3 catches on or inside the numbers, but he certainly doesn't clog the middle.