A lot of people are excited at the prospects of signing Pittsburgh Steelers wide receiver Mike Wallace. Wallace has been tendered for the cost of a first round pick and it seems to make sense: Mike Wallace would be worth a first round pick.
Jeff Howe notes that the compensation isn't just any first round pick- it's the better of the team's picks in said round. So acquiring Mike Wallace would cost the Patriots the 27th pick, not the 31st. A slight difference, but it's even more reasons to deter the team from making that move.
This also limits the Patriots desire to grab any player with a 2nd round tender. The Patriots have Oakland's 2nd round pick (#48) in addition to their own #63. That's a change of 15 picks, which is a hefty price to pay.
If the Patriots look for a player to grab, they'd most likely be a later round selection- and with the Patriots limited draft picks, I see a couple players who would be good fits:
Bills RG/C Kraig Urbik
Both Rinehart and Urbik did a solid job with the Bills and both had the versatility to play multiple interior positions. They can be grabbed at the cost of a 3rd round pick (#94), should the Bills not try to match the Patriots offer. Of course, Belichick loves his draft picks and the middle rounds are rich with talent. Still, both Rinehart and Urbik would represent great offensive line additions, as well as solidify the future of the interior line.