Here's how I see it.
1. If we don't keep the FB, we keep all 4 TE's. I don't see us keeping 4 TE's AND a FB.
2. If the big 4 (Gronk/Hernandez/Lloyd/Welker aren't injured then who plays behind them is sort of moot.
3. I think we keep 4 WRs on the active 46 man game day roster Welker, Lloyd, Edelman, and Slater. Slater can be useful as a 3rd WR who can run a fast 9 or deep post cut. He'll be fine if that's all he has to do 3 or 4 times a game. Edelman can back up Welker. Hernandez can back up Lloyd because he also has that kind of absurd body control size and quick feet and might even be faster. Fells backs up Gronk, and Shiancoe backs up Hernandez
4. If Lloyd is out for a longer period of time, I'd be much happier to see us pick up a vet like Gaffney to "replace him". Though I think Hernandez could do the job there, I think the offense as a whole be better off using him as a wildcard all over the formation than strictly outside.
5. And of course I'd love to see Edelman get a true shot at some serious reps on the outside or in the slot to see if he has "it" or not. Actually I hope no one gets hurt and I don't find out this season. But, clearly BB has a lot more confidence in Julian as a WR than the general board.
6. I think we'll keep either Taylor or Ebert on the 53 with the other being on the PS
Now if you don't take the myopic view of it, that's a receiver group that is both deeper and better than the great majority of passing threats in the league. Lots of available receivers, most of them above average targets.