LaFell has received a $3 million signing bonus, which almost assuredly locks him into a roster spot for this upcoming season. The structure of his deal implies that LaFell is expected to have a growing role in the offense.
Year 1 (2014): $800k base, $12.5k per active game (up to $200k), cap hit is $2 million with his pro-rated signing bonus.
Year 2 (2015): $1.8 million base, $25k per active game (up to $400k), cap hit is $3.2 million.
Year 3 (2016): $2.4 million base, $25k per active game (up to $400k), cap hit is $3.8 million
That final season represents a huge potential hit on the cap, so either LaFell earns his keep or he's an easy option to be cut from the roster.
Just like the Brandon Browner contract details, LaFell's contract is better than previously expected. While $3 million in guaranteed is a lot, it's clear that the Patriots believe he has a future with the team.