As I suspected, it appears Branch and Chayut were caught completly off-guard. From Pro Football Talk:
BRANCH, AGENT CAUGHT FLAT-FOOTED
Speaking of the Deion Branch situation, we don't seriously believe that he'll be traded to the Cowboys or anyone else by September 1. Bolstering our opinion in this regard is scuttlebutt we've heard that Branch and agent Jason Chayut were caught completely off guard by the team's sudden offer to allow Branch to explore the market via a trade.
Though some might contend that Chayut should have been prepared for anything, we're not so sure that he should have been ready for this one. After all, a sudden grant of permission by the Pats to talk to other teams about a potential contract for Branch would have fallen somewhere on the "likelihood of possible occurrences" meter between the Pats coughing up a $16 million signing bonus for Branch and coach Bill Belichick bringing Branch breakfast in bed.
Either way, the fact that Chayut wasn't ready makes it even harder for Chayut to slap together an acceptable offer to the player and to his current team by September 1.
Most league observers think that New England will want a first-round pick in exchange for Branch. We think that the Pats will want to pull off the kind of maneuver that the Broncos finagled in the Ashley Lelie trade, ignoring the specific round of the pick and focusing on points value in the draft trade chart.
On the chart pioneered in the 1990s by FOX's Jimmy Johnson, the first pick in round one is worth 3,000 points and the last pick in round one has a value of 590. Our guess is that Pats will want 1,500 points in value, which equates to the seventh overall pick.
Of course, this will make it even harder for any team to work out a deal by September 1. But then the question will be whether the Patriots will be willing to continue to talk if Chayut somehow finds a new suitor for Branch and gets that team to the table to begin serious discussions before the artificial deadline expires.
Bottom line -- the closer that this dance gets to resulting in a trade the harder it will be for New England to stop the music when the clock strikes 4:00 on Friday afternoon.
It's intriguing to consider the possibilities, but we still think that Charlie Frye has a better chance of winning the NFL MVP award this year than Branch does of getting traded out of New England.