He was supposedely offered a 4-year, $26 million offer. The only reported details of the offer was a $6.6 million signing bonus in 2004, a $4 million salary in 2004, and a $5 million salary in 2005. I happen to think that the offer was $23.6 million, rounded up to 14 million.
Law made over $13.9 million in 2004 and 2005.
http://asp.usatoday.com/sports/football/nfl/salaries/playerdetail.aspx?lname=law&player=1358
It appears that Law will make $12 million over the next two years.
http://www.nfl.com/nflnetwork/story/9571315.
So, it appears to me that it is a wash.
IMO, it appears that Law's injury only cost him the opportunity to earn more than what the Patriots offered. I happen to think that Law was right to turn down the offer. If he had played at a high level in 2004, he would have made much more money than what the Patriots offered. If lesser players like Anthony Henry, Fred Smoot, Antoine Winfield, Gary Baxter can take more more than $10 million in a year, then a healthy Ty Law could have in 2005.