Sunday saw a pair of trades take place in the NFL, and more could be coming as teams sort out their rosters leading up to the cutdown deadline. In the meantime, a number of high-profile players are still without an extension at this point. 
Trades for the likes of Terry McLaurin (Commanders), Trey Hendrickson (Bengals) and Micah Parsons (Cowboys) have been speculated about given the lack of progress with respect to contract talks in each case. The Commanders have not shown a willingness to move McLaurin, whereas GMs around the league do not view a Parsons swap as being realistic. Interest will no doubt continue to be shown by suitors, though, and the Patriots will be worth watching on that front.
“We’re talking to all 31 other teams and trying to do what’s best for us,” de facto general manager Eliot Wolf said on Monday when asked about potentially swinging a notable trade (via MassLive’s Karen Guregian). “If something presents itself, I think those things are often a lot more complicated than the fans and some others like to make you believe, but if there’s something we think can help us, we’ll definitely be open to it.”
More importantly, Wolf later answered in the affirmative when specifically asked if he would be willing to part with a first- or second-round pick to facilitate a trade. In the case of Hendrickson in particular, that could prove to be significant. The Bengals are once again fielding trade calls for the reigning sack leader even though any return deep into August would presumably fall short of what would have been attainable during the spring.
Cincinnati is reportedly seeking a package involving at least one player in addition to draft capital in the event of a Hendrickson trade. Any acquiring team would then be required to also hammer out a long-term extension including a commitment beyond Year 1 in terms of guaranteed money (something which has proven to be a sticking point with the Bengals). The Patriots could represent a suitable trade partner keeping each factor in mind.
New England has the draft capital to pull off a notable trade for a veteran like Hendrickson, and the team leads the league with nearly $60MM in 2025 cap space (although future funds are more relevant to an extension, of course). Meanwhile, defenders like Anfernee Jennings and Kyle Dugger are on the Patriots’ roster bubble. Jennings has experience operating on the edge, and adding him could help compensate – to a slight extent, at least – for the loss of Hendrickson were a trade to be worked out.
Nothing is imminent regarding the Patriots at this point. Given Wolf’s comments and their financial situation, though, they will be a team to monitor until and unless the league’s top remaining contract standoffs find a resolution.