Seems according to this last report the Patriots have 47 million in cap space to spend.
Imagine a Super Bowl team that has this much money to improve their team to be even better in a year where the free agency crop is the best maybe all time. Scary.
They may be franchising Welker for the next couple years and then signing Wallace for the long haul. They can afford both easily if they want.
They can afford Vincent Jackson as well but probably will be outbid by a team paying him way too much. The Pats may have the money but they won't grossly over pay someone.
Hope someone like Chicago or San Fran likes Wallace more and overpays him. At least he will be in the NFC.
What's bad about the Wallace situation is a team can wait until April 20th before making him an offer so if they bomb out getting a top free agent wide out they still have Wallace as an option 6 days before the draft. This may be a good thing say if Chicago can't land one and we end up with the 19th pick in the draft. Bad for the Steelers because they won't know if they're losing Wallace until late into free agency losing out on some mid tier guys we could sign to help replace him (Early Ducet, Laurent Robinson etc)