Estimated Cap Space: Around $20 million

Unrestricted Free Agents (17): Mark Anderson, Deion Branch, Andre Carter, Dan Connolly, Shaun Ellis, Kevin Faulk, BenJarvus Green-Ellis, Gary Guyton, James Ihedigbo, Nate Jones, Dan Koppen, Niko Koutouvides, Antwaun Molden, Matt Slater, Gerard Warren, Wes Welker, Tracy White

Restricted Free Agents (2): Brian Hoyer, Bret Lockett Undrafted out of Michigan State in 2009, Hoyer has spent the last three seasons as Tom Brady’s understudy. Though Ryan Mallett was added in the third round of the 2011 NFL Draft, the Patriots are unlikely to let Hoyer get away for nothing. A “first round” tender worth $2.742 million in non-guaranteed base salary would not be surprising as the Patriots listen to trade offers.

Franchise Tag Candidate: Wes Welker led the NFL in receptions (122), ranked second in receiving yards (1,569) and ranked third in receiving DYAR (475) in 2011. Though he’s on the wrong side of 30, it would be a stunning development if the Patriots allowed Welker to test the free agent market when using the franchise tag between February 20 and March 5 would cost a projected $9.5 million to retain negotiating rights through the off-season.

Potential Cap Casualties/Restructures: Cap space is not a pressing issue for the Patriots, but if the need were to arise to clear additional cap space -– perhaps to make a run at Mario Williams to improve the pass rush or Brandon Lloyd to give the offense a downfield receiving threat –- space could be found by restructuring the contract of Tom Brady, who is scheduled to receive $5.75 million in base salary and a $6 million roster bonus. Brady’s 2012 cap number is $15.2 million next season, which could be reduced by $4 million if his roster bonus, which has already been deferred to February 15, 2013, were converted to a signing bonus and prorated over the remaining three seasons. The Patriots could reduce Brady’s cap number even further, to as low as $6.54 million, by reducing his base salary to the league minimum ($925,000) and converting the remaining base salary and roster bonus into a signing bonus prorated over five seasons (tacking two seasons onto his contract). $1.4 million in additional cap space could be found by releasing Chad Ochocinco, who is due a $3 million base salary.