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He actually made 1.5m last year. But they guaranteed it which would address your concerns here.With Mitchell emerging, I think Dola is going to have a hard time getting reps, he's turning 32 this upcoming season, and his value to the team is probably close to what you wrote.
But considering his salary cap hit is $1,416,668 even if we cut him, I don't think him taking $1.5M would make sense for him.
Let's say he signs for $1.5M, goes into training camp, then gets cut near the end (say he gets beat out by Floyd). At that stage, you've got an older, injury-riddled WR trying to hook onto a team after rosters are more or less set.
If he doesn't renegotiate and gets cut early, he at least has a chance to hook on with a team and go through the entire training camp to increase his odds. So to stay with the Patriots, I think he'd need more than an extra $100K.
He made just under $2.9M last year. If BB wants him back, I could see them offering something like $2.5M, perhaps adding enough guaranteed money to make the whole thing guaranteed. An extra $1M would give Dola some incentive to do it, while giving some very good protection for a very reasonable cost.