Well, Chad Ochocinco will be back for at least training camp next year.
ESPN's Adam Schefter reports via Twitter that Ochocinco reduced his base salary in 2012 from $3 million to $1 million.
There are a few things that can be taken from this news.
Ochocinco will not be cut before training camp, which means he will be back for training camp. The Patriots obviously have an interest in seeing what the former All-Pro wide receiver can do next year.
As many know, Ochocinco struggled to meet expectations in 2011, only amassing 276 yards on 15 catches. He scored one touchdown.
Ochocinco clearly wants to remain a Patriot. He wants to give himself a shot at making the team during training camp.
There's no question Ochocinco has that talent, as he had some exceptional seasons with the Cincinnati Bengals. The real question marks are his age and knowledge of the Patriots' offensive system.
Ochocinco is 34 years old, and uncertainties remain about his speed and quickness. He isn't getting any younger, and people wonder if he can deal with younger, faster cornerbacks.
Last year, much of Ochocinco's ineptitude was blamed on his lack of knowledge of the playbook. He was thrown into a complicated offense with barely any training camp, thanks to last year's lockout. He studied the playbook throughout the season, but he still wasn't able to pull it together.
The Patriots obviously saw something in Ochocinco—after all, the Pats aren't afraid to cut unnecessary weight.
Overall, Ochocinco's new deal is good for both sides. He gets a chance to battle it out for a roster spot, and the Patriots don't have to pay him as much.
With the Patriots signing new players such as Brandon Lloyd, Donte Stallworth and Anthony Gonzalez, Ochocinco will have quite a bit of competition to make the team. Out of 10 receivers on the current roster, three or four would be cut before the start of the season.
Ochocinco has given himself another shot, albeit taking a pay cut. If he makes the team in training camp, he plays. If not, he's gone. Simple as that.
The ball is in his court now.