A couple of points:
1. I think Mack has hit upon something. How different is this from what the Pats just did for Hightower/McCourty, etc. There is an obvious disagreement in what Butler's market is as an RFA. Let him go down to NO and see IF another team will meet their demands. IF he finds out the Pats were closer to reality than they thought, they can come back and work out their differences, or just come back and play 17 here and then go to UFA next season.
2. I know Miguel showed us an example of how NO COULD create a deal that would sign Butler to a market deal and still get under the cap, but the question is why would they. It just adds another level of cost to this deal, because future years will hinder future flexibility. That is unless you are a believer in Felger's "the cap is crap" mantra.
3. So if they make a market deal for Butler, and do a sign and trade with the Pats for the 32nd pick (which I think is a bit low), it would look like this. Cooks for Butler, plus the fact NO would have added a high cost asset rather than a low cost one the Pats added, plus you (at least to some degree) screw up your cap flexibility going forward.
So NO has to ask themselves, "IS Butler actually worth the cost, or would they be better served making those 2 first round picks and having them relatively cheap for the next 5 years.
4. If NO offers him anything LESS than a market offer, it will be interesting to see if the Pats come back to match it.
5. And one last thing that hasn't been mentioned before and I think is a factor in the Pats thinking on this. Malcolm Butler is small of stature and plays the game VERY hard. He has been on the field for well over 90% of the team's defensive snaps over the last 2 years, and you have to wonder just how much longer can he last without a significant injury? Now his "availability" has to be a plus for him in these negotiations, but.....
6. Things that will make me feel better if this DOES end up being simply a WR vs CB trade of equal quality players.
a. We get a draft pick that leads to the selection of a CB who projects to being as good as Malcolm down the road. OR...
b. We resign Revis for $8-9MM (with the Jets paying $6MM) and the rest incentives, and he comes back in shape and motivated to restore his legacy. Remember we don't need Revis to be as good as Revis circa 2016. We need him just to be an upgrade over Logan Ryan. OR....
c. Cyrus Jones makes a leap and proves to be as effective a Ryan was