Patriots release WR Brandon Lloyd

Brandon Lloyd is looking for work from his seventh NFL team. The Patriots released the wide receiver Saturday, just minutes before he was slated to earn a $3 million option bonus. Lloyd signed a three-year, $12 million contract with New England before last season, but the team wanted him to take a pay cut following a 2012 that failed to live up to expectations. There were also reports that Lloyd's behavior off the field was "erratic."

Fantasy Analysis:

Lloyd's overall numbers were respectable -- 74 catches, 911 yards, four touchdowns. But he had just one game with more than 80 receiving yards through Week 13. He was a WR3 in fantasy. And when he hasn't been coached by Josh McDaniels, that's all Lloyd has ever been. Lloyd's best season without McDaniels came in 2005 with the 49ers when he caught 48 passes for 733 yards and five touchdowns. He will turn 32 in July, and the Pats have made it a point to get younger at that position. Lloyd's fantasy ceiling will be as a WR3, no matter where he ends up next.