At the owners meetings last March in Florida, I asked Wes Welker's agent David Dunn if a four-year deal worth about $32 million would satisfy Dunn and Welker and keep Welker in New England.

"How much guaranteed?" Dunn asked.

About $18 million?

"Add about $2 million and that would work," Dunn said. "I don't care about the years, I care about the guaranteed money."

As it turned out, the extension never came. Nor did the contract with $20 million guaranteed.

Welker worked for $9.5 million in 2012 and will now work in Denver for $6 million in 2013. If the Broncos pick up his option next March, Welker will make another $6 million

The gap between the desired $20 million of last March and the $12 million he settled for this March underscores to me the obvious conclusion that Dunn and Welker misjudged the market for the wide receiver.

Sunday in Phoenix, I asked Dunn how that happened.

We spoke cordially for several minutes. He didn't want to be quoted, saying the situation was still "too fresh" but Dunn OK'd my characterizing the conversation and his version of things.

Dunn disputes the idea Welker's market was misjudged.

The Patriots simply didn't want Welker is the contention. The two-year, $16 million offer the Boston Globe reported Welker having dangled during the 2010 season that would have covered Welker in 2011 and 2012 never happened, said Dunn.