According to Mike Reiss, the Patriots:
(1) resigned James Sanders to a 3 year deal;
(2) resigned Russ Hochstein to a 1 year deal;
(3) tweaked Randy Moss' contract to give a bit more cap flexibility this year.
http://www.boston.com/sports/football/patriots/reiss_pieces/All three are positive, IMHO. While Sanders gets criticized a lot, he is young, and knows the Pats system. It makes safety less of a priority and means Pats can focus on addressing CB in the draft. Hochstein seems like a versatile player; I would like a deeper/better O-line so that Brady gets all the protection necessary, but again, a guy who knows the system and is flexible -- happy to have him back. It is great to get a little more cap room, and good that Moss was willing to be flexible.
I think next up for the Pats is to work out an extension for Wilfork.