The Patriots are expected to continue speaking with Revis' representatives about a contract, while the New York Jets have planned to make a run at Revis should he hit the open market.
When the Patriots signed Revis on March 17, 2014, the terms of the contract were two years for $32 million, although team president Jonathan Kraft later acknowledged that the 2015 season was a "placeholder."
The "placeholder" was in reference to Revis having a mammoth $25 million salary-cap charge for 2015, which the team was unlikely to absorb, thus leading the sides back to the negotiating table, where Revis would either sign an extension or be released to become an unrestricted free agent.
The arrangement worked for both sides, as the Patriots benefited from Revis returning to top form two seasons after tearing his ACL and playing for the under-market rate of $12 million for the 2014 season.
Meanwhile, Revis re-established himself as arguably the game's top cornerback, raising his profile in going from a Tampa Bay team that ended up with the No. 1 pick in the 2015 draft to the Super Bowl-champion Patriots.
Revis, who will turn 30 on July 14, started every game for the Patriots in 2014 and was a valuable chess piece who often matched up against opponents' top receivers in the team's predominantly man-coverage scheme. He finished with 14 passes defended in the regular season and had two interceptions, although the statistics don't fully reflect his value because the football wasn't often coming his way.