I have always thought that Bill didn't play Malcolm in the 2017 Superbowl because for some untold reason he was in no condition to compete at that high level. That fact that Malcolm himself didn't go postal afterward AND Bill refused to even talk about it, confirmed it for me as does this resigning.
If Bill was being a prick and benched him for spite then there would be no way Malcolm comes back especially for a 2 year show me contract with little or no guaranteed money. I believe, even more now, that Bill not talking about the whys of the improbable benching was more about PROTECTING Malcolm than hanging him out to dry.
As to how this signing projects to the 2022 season, It's an upgrade of the position. Malcolm has always been a solid CB. Good but never great, let alone elite. Even after he left for the Titans he was solid as those PFF grades proved, BUT its now 2 years later and we don't know what Malcolm has left.
Jones coming back will give us a guy who made Hill's life hard when he played the Pats. Most of the damage Hill did against the Pats came on broken plays where Hill and Mahomes excelled. But if the Pats get a CB high in the draft and Wade develops well, Butler will be hard pressed to find a role here, so his place on the roster is no sure thing.
Now I want to say something about JJ Williams. I strongly believe he can be an effective member of the defense IF he is put in the right position.
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Williams Ran a 4.55 forty at his proday. Had a sub 7 3-cone (6.9) so he has decent short area quickness and marginal speed on the outside. He is also 6"4 with long arms and would be a b!tch to throw over in the trail technique. So given his limitations you DON'T play him in zone coverages. You DON'T make him cover slot guys or quick twitch guys. What you DO do is let him cover big receivers using tough man techniques with help over the top. SOMETIMES. And if he gets good at it allow him to take on even the opponents top receivers and beat them up in that 5 yd area to disrupt the timing of a route, or take on TE's like Gessick.
In other words rather than simply cast him aside acknowledge his limitation and embrace his strengths and use those strengths in specialized situations like some of the ones I've described as well as others I could think of. Each week it would be different against different formations and plaers. Sure he's not a starting CB, but he has unique assets as well that CAN be used.
A key aspect as a coach is to get the most out of the assets he's got available. If I were coaching the Pats defense I'd find ways to use JJ Williams in my defense and I'd work him extra time to improve what he CAN do and limit his exposure to things that he can't.