I was just thinking about this:
Welker wants three years with at least two guaranteed around 18M.
We have two young stars in Gronk and Hern. If the choice came down to working out extensions for BOTH of these guys vs. having WW on the roster in 2013 where would you come down?
I think that may be what the team is actually looking over at this time. If instead of looking at a 'slot receiver' you put AH in that category which is close to what he is, then you are looking at a 32 yr old WW vs a 26 yr old AH with AH probably coming in a little cheaper than what WW is looking for in 2013.
Everyone is assuming we will lose AH once his rookie deal is done because you can't pay top money for two TE without messing with your cap. But ... if the Pats are trying to keep them both, then the WW saga may make a little more sense.
Doing deals with both TE next offseason or even during this year would probably be cheaper, but would put more pressure on the cap in 2013.

A conundrum so many other NFL teams wish they had, but, a pain to fans to endure!

Depending on their present status cap wise,the Patriots could conceivibly keep both hernandez and gronk by simply staggering their contracts,if they could sign one to a contract/or extention they could then franchise the other for one year while they clear the necessary cap space.

I said this way back at the end of the season to prepare for the Pats to ofer a solid contract for a slot WR but it will come in under WW's Idea of what he deserves. Now on most teams he should get that but the Patriots (Sorry Wes and Brady) do not have to have WW to have a massivly proficient passing attack. AH as is mentioned here is very capable not to mention all the help they brought in to cover up for his loss and I said all along if WW does not take what they offer he will be traded as soon as a team needs a WR due to injury etc. I love WW and what he has done for the Pats in the Past but he is not worth a huge 3 year deal.  The most I would offer is 2 years guaranteed at 16 Million and a team option on a 3rd that would bring the deal to 22 Million.

dabalde, you may have seen my posts.
i posted in the beginning of last year about the ww contract, and hern and gronk resigning issues

Or they could front load ones contract and backload the others and give both a fat signing bonus.In Response to Re: Pats Salary Cap re Welker deal:

Look at the successful teams of the last decade- Pats, Colts, Giants, Steelers, Ravens, Packers, Saints. 

None of those teams ever go after high priced free agents, never sign guys to ridiculous contracts like Fitzgerald or Haynesworth.  The teams that do those moves are the Cowboys, Redskins, Jets, Raiders. 

Welker can sign what the Pats want or not.  I don't blame him if he moves on next year for more money, but the Pats have proven they know when to say enough is enough and they aren't breaking the bank for anybody.