They're still 5-3 and control their own fate in the AFC East. This Sunday's game against the Jets is huge but they already have one win against the Jets earlier this season so I'm not chalking that up as a "L" as some people are saying this morning.
Best record in the AFC right now is 6-2 (Ravens & Bengals). The Pats are only one game behind despite their recent woes. They still have an excellent shot to grab that other bye in the AFC. One one team is gonna win the AFC North and probably grab the HCA. The #2 seed is wide open. The sky isn't quite falling yet.
Pats defense did collapse on the last 2 possessions but, for the most part, I thought they played pretty well. The Giants were only 4-14 on 3rd down and the Pats front 7 seemed to be better at pressuring the QB than in past games.
The offense also played better than they did in the Pittsburgh game.
This team is clearly flawed but so are the other AFC contenders. That conference is up for grabs and I do feel that the Pats will be players in the end. D
They still have almost two months to figure out this defense. It's not over yet although I can certainly understand reason for concern.
The Patriots are very lucky that their second half schedule is so easy. That said, enormous pressure is on them to win this week to avoid finishing 10-6 or 11-5.
On paper, they should reach at least 10 wins without much trouble, since the Colts, Dolphins, Chiefs, Redskins, and Broncos should all be pushovers for this team. But with such an awful defense, and an inconsistent offense, it's entirely possible that they'll manage to drop one of those games.
Jets / Eagles / Bills will all be tough matchups, and it's entirely possible the Pats go 1-2 or even 0-3 in those games.
As Q_FBE pointed out, it's entirely possible that 11 wins will not be enough to make the playoffs in the AFC this season.
In any case, even if the Pats make the playoffs this season, it looks like they'll be facing the same insurmountable obstacles to playoff success as they've had the last few years: the Steelers, Ravens, and Jets.