PHOENIX -- With New Orleans Saints coach Sean Payton saying Wednesday that his team won't be signing cornerback Malcolm Butler to an offer sheet because it doesn't want to give up the No. 11 overall pick, but adding that interest in Butler is "ongoing," it sparks the question: What's the next step that could lead to a conclusion with Butler's status?

There are two primary layers to consider.

The first is a long shot. Perhaps there is another team that is willing to sign Butler to an offer sheet and surrender a first-round draft choice in return if the Patriots don't match. That possibility is in play until April 21, which is the deadline for teams to sign restricted free agents to offer sheets.

Assuming that doesn't happen, the issue then becomes when Butler decides to sign his restricted free-agent tender of $3.91 million.

If he waits until after the draft (April 27-29), one would think that increases the chances he's playing for the Patriots in 2017. But if he signs the tender before the draft, when teams are more apt to wheel and deal, it opens the possibility that he could be part of a draft-day trade if the Patriots and Saints -- who have struck eight trades between them in the Bill Belichick era -- can agree on compensation. Players can't be traded unless they are under contract, which is why the timing of Butler signing the tender is important.

Payton called any trade possibility "speculation," but in general terms, he was asked Wednesday if the Saints might be willing to part with the No. 32 overall selection in the draft, which they acquired from the Patriots in the deal for receiver Brandin Cooks.

"It would be hard to say, 'Well, we're just going to sit at 32.' You do have some flexibility," Payton answered, speaking not specifically about Butler but if a promising opportunity presented itself. "I think having five picks in the first 103 picks provides that flexibility as well, where you can certainly move up and move back. But we felt like there's some depth at certain positions in this draft, and trying to get a little bit of firepower and ammo in those first 103 picks is important."

As for the Patriots, the intrigue is how they view the balance of having Butler in 2017 on the restricted free-agent tender of $3.91 million versus potentially trading him for significant draft capital one year before they would likely lose him in 2018 as an unrestricted free agent.

In that sense, it's somewhat similar to the team's dealings with defensive end Chandler Jones last offseason. The Patriots projected they would likely lose Jones after the 2017 season, so they dealt him to the Arizona Cardinals in a deal that returned a second-round pick.

At what price would the Patriots, who currently don't have picks in the first two rounds of the draft, consider making that type of deal with Butler?

These are some of the dynamics in play, with Butler signing his tender the next key step in the process.