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The NFL CBA on Malcolm Butler, First-Round Tender, and Potential Trade to Saints

I know the Patriots assigned a first round tender on Malcolm Butler, could they revoke that first-round tender? If so, what happens?

The Patriots can withdraw the first-round tender designation any time before June 15th, immediately making Butler a free agent. Because this would mean the Patriots would not receive any form of compensation if they do not retain Butler for 2017, they are highly unlikely to take this action.

He is visiting with the Saints this week, though. So what happens if the Saints try to sign him?