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Then, the only reason not to franchise Cassel is that, as insurance for Brady, he will have to be held until a reasonable period, i.e., Brady appears healthy, or face challenges from the NFLPA, and possibly the league under the urging of the Competition Committee or Rules Comm.
The only way they might have a legitimate grievance is if the Patriots acted in bad faith (i.e., by trading Cassel somewhere he manifestly did not want to go).
As I've pointed out before, aside from the "good faith negotiations" rule, there is no stated requirement in the CBA that the Patriots have to make any sort of effort to sign him to a long-term deal.