Report: Patriots Will Release WR Brandon Lloyd

Update:

Jeff Howe is reporting that sources have informed him that the Patriots will release WR Brandon Lloyd.

The Patriots will release Brandon Lloyd, according to a source.

— Jeff Howe (@jeffphowe) March 16, 2013

Ian Rapoport mentions that it’s possibly Lloyd could still return to the Patriots after a pay cut.

You would have to think that this could be mean the Patriots are prepared sign Steelers restricted free agent WR Emmanuel Sanders to an offer sheet.

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Update:

According to Tom Curran of CSNNE.com, Brandon Lloyd‘s chances of returning to the Patriots have improved to “50-50” in recent days.

The two sides were reportedly working on a restructured deal earlier in the week, but the Patriots have been meeting with a number of free agents as the market has begun to calm down.

So far, they’ve already signed Danny Amendola to replace Wes Welker and added Donald Jones on Friday. Lloyd still has a $3 million roster bonus to be picked up, but a restructured deal could eliminate bonus and in turn ensure that he’ll be back for another season.

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Mike Reiss of ESPN.com reports that the Patriots and WR Brandon Lloyd are in talks regarding a restructured contract.

“They signed Donald Jones, they have Emmanuel Sanders (at club headquarters), and they’ve gotta make a decision on Brandon Lloyd,” said Adam Schefter on SportsCenter, via Rotoworld. “He’s got a $3 million roster bonus. Brandon Lloyd would like to work out a restructured deal. And the two sides, it is my understanding, have spoken about that. Brandon Lloyd could end up staying on in New England at some type of reduced deal.”

Lloyd has a $3 million roster bonus this weekend and previous reports indicated that the Patriots may not be willing to pick it up.

As of now, Lloyd is scheduled to make $1.9 million for the 2013 season and counts $4.9 million against the team’s salary cap. It seems as though Lloyd’s chances of returning to New England hinge upon agreeing to a reduced figure.

We should know more regarding this matter in the near future.