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After the money that was thrown around in the opening days of free agency for second-tier wide receivers, Lloyd represents seriously good value at $12 million on a three-year deal.
While equivalent, if younger players such as Pierre Garcon (five years, $42.5 million, $20.5 million guaranteed) and Robert Meachem (four years, $25.9 million, $14 million guaranteed) cashed in elsewhere, Lloyd offered a discount to the Patriots to reunite with his former offensive coordinator, Josh McDaniels.
So what can the Patriots expect from Lloyd in 2012?
Given the likely competition for targets from Tom Brady, he will struggle to replicate his 2010 numbers (1,448 yards, 11 touchdowns) anytime soon.
However, with defenses preoccupied with a gameplan for Rob Gronkowski and stemming the flow from the short routes dominated by Wes Welker, Lloyd could find more space to operate outside the numbers than ever before.
Even in a trade-disrupted 2011, Lloyd caught 70 catches for 966 yards on two different teams, and his comfort level under McDaniels should allow him to hit the ground running.
That there are questions around his character, and whether his personality will fit in New England give cause for concern, but this move just made one of the league's best offenses even more potent, without breaking the bank for a star name such as Mike Wallace or Vincent Jackson.