Peter King calls Patriots' 2021 free-agent spending spree a 'cautionary tale'

Money can buy you a lot of things in this world. But it can’t always buy you a Lombardi Trophy.

The Patriots have discovered that the hard way after a big-time free-agency splurge in 2021, which, despite more than $163 million spent and three wins added compared to 2020, has made them a "cautionary tale" according to NBC Sports' Peter King.

"New England is a cautionary tale for this time of year. Two years ago, the smartest man in football, Bill Belichick, went nuts in free agency, signing 11 players from outside the team in a post-Brady roster makeover," King wrote. "Last week, the Pats parted ways with two of those mainstays, Jonnu Smith and Jalen Mills. The only star of the group: Matt Judon, with 28 sacks from the edge in two years. DT Davon Godchaux and TE Hunter Henry have been solid, but it all goes to show you that winning free agency in March is a hollow crown. New England is 18-17 since, with zero playoff wins."

On one hand, the timing for that spending spree -- and the relative lack of spending that has followed -- makes some sense.

The NFL was still reeling from loss of revenue due to COVID-19, making some teams more hesitant to spend. The Patriots, who were flush with cap space at the time, took advantage and snapped up several productive players at relative discounts compared to what they might've gotten the following year.

The immediate results certainly seemed to justify the move with the Patriots going from seven wins in 2020 to 10 in 2021. Even so, however, the talent gap between them and the Buffalo Bills was exposed in the two non-inclement weather games that season, including an embarrassing Wildcard Weekend beatdown that still stings.

Now, the Patriots are locked into a high-floor, mid-ceiling team that's good enough to compete for the playoffs but not yet to compete for a Super Bowl.

That reality has left fans wanting more in terms of spending with the decent chunk of cap space the team entered the new league year with or being more aggressive in the trade market for big-name players like DeAndre Hopkins.

The caveat, of course, is that New England has a number of positions needing upgrades, not just one. As such, throwing all the money in on one or two big additions can't solve every problem. Additionally, would forking over big money to Mike McGlinchey or Orlando Brown -- two good-not-great tackles -- truly move the needle enough to justify the contracts? The answer is "probably not."

That said, it would certainly make a lot of people at least feel like the Patriots were more invested in winning -- even if just from a financial standpoint.

It's certainly not prudent to suggest New England should simply never spend money in free agency just because it didn't get them a title a few years ago -- just like it doesn't make sense to never draft a receiver in the first round ever again because of N'Keal Harry.

But there's something to be said for spending smart money on the right players as opposed to just spending money for name-brand recognition. So far, the Patriots have done a decent job of plugging their most obvious holes while giving themselves flexibility to pursue trades and comb the cap-casualty market and allowing themselves to pursue the best players and fits available in the draft rather than simply going for needs.

It hasn't been an exciting approach, and the Patriots are still far from competing for a title. But they've still put themselves in position to be a playoff team in 2023 despite being selective with their spending.