The problem with the WRs is the Patriots haven't drafted a good one in TEN years. Branch is who I'm referring to, and for all the glory, he's never topped 1000 yards. Yes, it's true, the Pats have never drafted a 1000 yard OR pro bowl receiver in the Brady era. I don't recall any studs drafted by Belichick in Cleveland either. They obviously have a problem evaluating young talent and how they fit with their philosophy. They've had better luck in free agency. Considering how critical it is to have financial resources for WR, the team is just being extremely careful with the Welker situation. I predict the former, where Welker caves in with a 2 yr, 20M deal.
In terms of Hernandez, I don't really think the Gronk extension is relevant. If anything, they now have more leverage on AH because they could tag him as a TE, similar to what the Packers did with Finley.