According to NFL Network’s Ian Rapoport, who broke the news first, the Patriots are trading for Colts TE Dwayne Allen:
Allen, an effective blocker and big-bodied redzone target, has three years and just over $17 million remaining on his contract. According to Miguel of patscap.com, Allen carries a $2.5million salary for 2017, and a $2 million roster bonus that guarantees on March 14th.
FYI - Dwayne Allen's 2017 $2.5M salary and his 2M roster bonus becomes fully guaranteed on the 14th of March.— Cap Space=54,898,343 (@patscap) March 8, 2017
Allen becomes the fourth tight end on the roster. He’ll join a group currently consisting of Rob Gronkowski, Matt Lengel, and Rob Housler.
The move all but spells the end of the short-lived yet successful Martellus Bennett era in Foxborough.
Per Adam Schefter, the Patriots will trade their 4th round pick (acquired last season from Seattle in a draft day trade) to Indianapolis for Dwayne Allen and the Colts 6th round pick.
Patriots traded a fourth-round pick to Colts for TE Dwayne Allen and a sixth-round pick, per league sources.— Adam Schefter (@AdamSchefter) March 8, 2017
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