We can't just forget about the alleged failure to complete the paperwork thing here either. If Denver was willing to give up a 1 for Cassel, provided they also trade Cutler, that means if they couldn't trade Cutler, they aren't trading for Cassel.
BB probably had a short list of offers, this fell through for whatever reason (paperwork or just cold feet in Tampa), and they moved on to the next best deal. I'd be more interested in the facts than the media narrative, and the way the Pats run things we probably won't see much for details.
I agree though that it's highly unlikely this deal is passed on if it truly were on the table. We know the Pats don't favor round 1 picks, but they'd take the best value and trade it for multiple/future picks.