Possibly, in which case that might mean Belichick lets him go completely because he's made it clear he's not willing to break the bank for Welker. I don't think he values Welker anymore than Lloyd and thus isn't willing to pay him much more. The guy I'm worried about getting a huge contract from another team is Vollmer. There are a lot of teams entering free agency with abysmal offensive lines. The one saving grace with Vollmer is that the free agent market is loaded at tackle when in another year he might be the best tackle available.
The only scenario where they go after a big name receiver is if they cut Lloyd and/or lose Welker which is why I'll be worried if they resign him. The chances of them keeping Lloyd, resigning Welker and also going after a big name at receiver are very slim.
Raven, I know Arrington was horrible last year but what do you suggest as a better option? He was good when he played as the nickel and only covered slots. I agree wholeheartedly that he's not a starting caliber corner and if Patricia is gonna keep trying him out wide then I'm in the same boat as you, but he fits the role of nickel corner who's also a beast on special teams. If there's a team out there that falls in love with the high interception number he had in 2011, then let him leave. Fortunately he was bad enough last year where he shouldn't cost too much.