Stats are for losers.
Using statistical metrics as justification for keeping the rapidly declining Brandon Lloyd is naive at best. Lloyd's a poor fit for this specific offense and has been since day one. This offense going forward will likely require receivers with exceptional quickness and explosive ability to get open immediately. Lloyd no longer possesses the speed or the quickness (and never really did) to get separation against starting caliber CBs. And when he does make a catch he almost always falls down immediately on the field or out of bounds. The Patriots' offense is predicated on receivers being able to get YAC. Lloyd offers nothing in that department either.
And reports of his malcontent behavior within the locker room don't help his cause. If he restructures then he should be given one last opportunity to have an open competition for the 3rd WR role (Branch's old spot). If he restructures and stays, I expect him to cut before the season a la Ochocinco once the team finds a better option to replace him. And before anyone starts comparing and contrasting Ochocinco's numbers to Lloyd, neither offered any sort of impact to defensive game planning or attention and both were against 1 on 1 coverage consistently and still couldn't get the job done. That to me is an abject failure as #2 WR any way you slice it.
His starting days are long gone here in New England and even if he does make the team his only role should be as a situational 3rd down sideline route WR since he offers zero special teams ability. At this point he's basically nothing more than another Deion Branch-esque JAG.