Patriots cornerback Malcolm Butler signed his restricted free agent tender today to take the next logical step in the layered process of finding his home for the 2017 season.
With the tender signed, Butler can no longer seek an offer sheet with another team. However, it does open the avenue of exploring a trade, and the Saints have been openly interested in acquiring Butler in that fashion.
For the time being, Butler will continue working out on his own. The Patriots reported to Gillette Stadium yesterday for the start of their voluntary offseason workout program, so Butler's absence (similar to someone like Alan Branch) is not a holdout.