If this is true about Pats wanting him to take a pay cut, I have changed my stance about this, the Pats and BB are disrespecting him.
They are wrong!

I said over the summer that if I was the pats I'd fork over another 700k/1 million to convince this guy to spend another year so far away from his family. Why not? The guy came in and played at a level that exceeded what he was payed last year and it's a position of need - now we hear they want him to take a 500k pay cut? It's being reported that they would set it up so he could possibly make more if he played all 16 games, but why mess with him? We didn't draft or sign free agents to replace him...we don't have leverage. Seems petty...there has to be more to it.

I still suspect that Belichick and Waters are pulling a Junior Seau.  BB gets all of his 53 team members now, and Waters is in the bag too. 

The critical decision would probably come the day after someone goes on injured reserve.  The hole in the roster would preferably be on the offensive line.  However, any opening on the roster might possibly work unless BB thinks the injury really caused a shortage.

Removing the name plate takes the media focus off of Waters.  It also helps the team to focus on, this week, Tennessee.  The labor cost of reattaching the nameplate might be $2.  The football club has a $100 million payroll and can afford $2 to solve a small problem. 

I said over the summer that if I was the pats I'd fork over another 700k/1 million to convince this guy to spend another year so far away from his family. Why not? The guy came in and played at a level that exceeded what he was payed last year and it's a position of need - now we hear they want him to take a 500k pay cut? It's being reported that they would set it up so he could possibly make more if he played all 16 games, but why mess with him? We didn't draft or sign free agents to replace him...we don't have leverage. Seems petty...there has to be more to it.

The Patriots have bent over backwards to accommodate Waters.  They let him skip OTA's so he could be with his family.  They haven't openly condemned him for not showing up even when it's pretty clear they were expecting it.  The guy signed a contract and wants more money because he thinks it's so hard to leave his family and it sounds like he has lobbied for NE to let him go to another team.  To give themselves a bit of protection it sounds like NE agreed to give him more money in the form of bonuses based on PT because his commitment to football in NE is questionable and they don't want to be on the hook for guaranteed money if he chooses to walk away.  If what the piece I linked says is true and if he can't accept that whose fault is it?

The pats cannot afford to NOT sign Waters. SeaBass has a hurting back, Mankins is comming off knee surgery, McDonald is probable. That leaves Solder, Connolly and Wendell. If anything the Pats need more than just Waters but Waters would be a good start.

The only ones who truly know whats going  are Waters and Patriots  ...with that said. Hes under contract with Pats and he can sit or play. I find it hard to fathom that the Pats wont pay a Pro Bowl guard  500-650k when they just blew 6.5 million in signing / workout bonus's to guys who were cut in the last two weeks. Waters made this situation by signing a two years deal. Did he think the team would move to Texas after the first year!!!!! ???? If he doesnt want to leave his family , thats fine and I respect that however he could have said something and not left them hanging for so long so maybe the Patriots could have planned better. Parcells once said once a player talked about retirement , they have probably checked out long before. He needs us more then we need him.