Ochocinco, who caught just 15 passes in 15 games with the Patriots last season despite making $6 million, reduced his 2012 base salary to $1 million from $3 million, according to NFL.com's Jason LaCanfora.
Smart move. Aside from inking veteran wideout Brandon Lloyd, the Patriots have been loading up on mid-level, mid-pay scale receivers since free agency began, and they're likely not going to overpay for a 34-year-old wideout who is past his prime.
New England recently re-signed Deion Branch and picked up free agents Anthony Gonzales and Donte Stallworth.
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