Most likely he will restructure and take a paycut.
According to Miguel the Pats have all the leverage and could cut him right at the end of camp without it costing them anything. This situation is also known as the Amendola special. What will Allen rather have ? Lets say a 3m mix of guaranteed money, incentives and a roster spot on the 53, or 5m of imaginary money and be in a situation where he might be without a team in week 1.
If he doesnt want a paycut but instead wants to be released he would want that to happen before FA starts to have the best shot at finding another team at a reasonable contract but the Pats have no reason to release him there. This is why you want your contract structured like Marty and force your team to make a decision before FA.
I liked Bennett more as a father and entrepreneur, than as a Football Player.. never lived up to his hype on the Patriots. Like so many players injuries cut their career short.