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I'm not sure I understand the 2nd paragraph, too many "values" and parentheses.If you sign Ryan, you are only out cash. If you sign Butler, you're out both cash and a first-round pick (assuming NE puts the first round tender on him). Losing the 1st rounder makes Butler more "expensive" so you'll likely offer less cash to him to offset that than you would if he was a true unrestricted free agent.
Put another way, the net value you receive for Ryan is Value(Ryan). The net value you receive for Butler is Value(Butler) - Value(your 1st round pick) which is less than just Value(Butler). So you're going to pay less for Value(Butler) - Value(pick) than you would pay for Value(Butler).
But you are right on the money in your first paragraph. People keep forgetting that (assuming a first round tag), it his highly unlikely that any team is going to pay Butler $11-14MM AND their first round pick. So the Pats "only" have to pay him the $4MM tag for this year, even though he has consistently graded out as a top 5 CB in the league.
That being said, we all know that is NOT what he deserves. Personally I'd like to see the Pats reward him with a 2 year deal that would pay him around $7-8MM/yr with $8-10MM guaranteed. That would reward him for out playing his contract, showing good faith in paying him more than they have to, still keep the salary structure intact, AND give him a shot at UFA before he's 30.












