I don't see Belichick handicapping the team by cutting or 3rd or 4th best receiver. It simply doesn't make sense. If Holt is #3 or #4, he stays. This is especially true if he is our #3. Of course, if Holt is our #5 or #6, I would expect him to be waived. All of our receivers from last year had injuries during the year. I suspect that you would also waive Crumpler if he is #3.
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There is indeed room on the roster for our six position receivers, especially given that we have at least three returners in the group: Welker, Tate and Edelman. Tate was drafted because of his return skills. It appears that the scouts were right.
A quick look at the roster shows that we could have up to four positions available for special-teams only players like Aiken, Arrington, Slater, Lockett, Alexander, and Murrell. Given the special teams skills added in the past two years among the position players (e.g. Chung and McCourty), I would think that we need only two special-teams only players.
OFFENSE (24)
QB 2
RB 4
WR 6
TE 3
OL 9
DEFENSE (22)
DL 6
LB 8
CB 4
S 4
SPECIALISTS (3)
K 1
P 1
LS 1
THE FINAL SPOTS (4)
ST ??? (Arrington and Aiken are my choices)
LB ??? (Will Burgess be replaced by a position linebacker?)
DL ??? (a seventh DL is a popular but unreasonable choice)
CB ??? (Should we keep a 5th position corner?)
added developmental player ??? (for me, Price is already that player)
utility player ??? (Williams could take a spot)
As of now, I would expected to use 2 roster spots for STer's, 1 for a LB, and 1 for a CB.
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BOTTOM LINE
There is room for 1-3 special teams only players. There is actually room for another if a 9th position linebacker isn't kept on the 53. The roster spot could go to Alexander or Murrell or Williams instead of a position linebacker. I would consider any of these players among the final roster spots.
Holt may be the 3rd or 4th best receiver on the team and still get cut. Tate, Edelman, and Price are the future and are locks, especially given their special teams play. Holt sticking has more to do with whether we feel we can get by with 9 OL, 6 DL, and 4 CBs, or replace Arrington and Aiken on ST than it does with how Holt compares to Tate and Price now.
I expect our 5-wide lineup is likely to be Moss, Welker, Hernandez, Faulk, and Edelman/Tate, where Faulk and Edelman have the potential to move into the backfield between plays and Hernandez can play split or tight end and eventually the backfield, allowing the offense to switch formations on the spot and keep the defense off-balance. Holt has one position, doesn't play teams, is losing a step, and will only figure in the plans for this year. He's obviously good enough to make the team, but he might not just the same.