Well, I can see the Felger-esque #hotsportztakes are rampant in the past few pages of this thread.
It was always a one year deal. It was apparent a year ago when the deal was signed that the intention was to never actually exercise the 2nd year option because the cap hit was poison. Pats knew the risk. I can't see how anyone would really be shocked about this given both the Pats history of negotiation & Revis' history of negotiation. Pats tend to always have a line they draw when it comes to free agents or restructures. This has been going on for 15 years now. You also can't blame Revis because of the nature of the NFL and the very limited window for these guys to cash in. It was a mutually beneficial deal for both the Pats & Revis last year. Pats won a Super Bowl & Revis won his gamble with a one year deal and cashed in. So that was actually a contract that both sides won and would do in a heartbeat again in retrospect.
In regards to actual on-field stuff, of course this hurts the Pats on the defensive side. The guy basically shut down one side of the field by himself and let the Pats roll coverage help to the other side. That's huge. Obviously, unless one of the young guys step up, they're going to go back to more zone coverage which was a mixed bag over the course of the past few years.
Still, its one guy. It's not the end of the world. This team is still arguably the prohibitive favorite in the AFC if they stay healthy. Indy still has question marks, Baltimore seems to have gotten worse, Denver still has question marks. AFC East will be improved but its still the Pats division to lose.
They also have a bit more cap room to work with now as well as the upcoming draft to fill needs. Just like the other 31 teams, this roster is still an incomplete.