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Speaking of "value", It seems to me that there's really only one relevant question regarding Allen's cap hit: "Can the Pats afford him?" Until something else cap-related changes, the answer is, "yes." At this point, his cap hit is a red herring in any discussion of his on-field tactical/strategic value relative to other roster candidates.
It's not so much "Can they afford him?" as "Do they want to pay him that much for what he does?"