I think you are all daft. I wouldn't trade Mallett for a single #1 even if is is the fourth pick,
Consider, BB has spent four years rebuilding this team, In 2014-2016 I believe the Patriots will be the strongest team in the League, with a Top 5 Defense and a Top 5 Offense. The only place they would not have depth, is at the most important position of all, QB.
Don't say that Brady is Superman and can't get injured. He lost a complete season in 2008. At 36, the bones are more brittle. In addition, You never know when he will go "Over the Hill". Manning is still doing fine with the Broncos and their great talents at receiver, But it is obvious he has lost his fastball, and he can no longer always throw a tight spiral.
You could even argue that Brady is showing the first signs too, His completion percentage is way down, and his deeper passes are iffy. His "escapability" has decayed too, He has been sacked more often this season than is usual for him. I concur that the new receivers have hurt some, but how much?
I want to harvest a Lombardi or three during that span of team dominance,and would never want to jeopardize a shot by problems at QB. I don't know whether Mallett is fully qualified, as a successor, but I believe he is much more talented than Cassell as a trained fill in..
Mallett is available for cheap money through 2014 and we could also hold him with a transition tag for another year as well.