While the Pats have plenty of cap space, no need to waste it on players that aren’t performing up to their salaries. And if they are beginning a retooling/rebuild, they might be treating 2020 like 2000, and having the extra cap space handy to use in 2021 (when the COVID cap issues will begin) can be a competitive advantage. The declining cap helped them stay competitive during the 2010/2011 youth movement by being able to sign vets on the cheap (thinking of Andre Carter, Mark Anderson, Alge Crumpler, Brian Waters).
Barring a trade, Jakobi Meyers is probably going to make the team. It's down to him and Devin Ross, but Ross is a small deep threat receiver, which we already have in Damiere Byrd. Whereas Harry is the only big-body receiver on the team. Meyers is insurance if Harry gets hurt again.