My Opinion:

Patriots previous trades & now guideline for Saints potential trade for Malcolm Butler

Trade 1:
(New England/Arizona)

Arizona receives: Chandler Jones

New England receives: 2016 2nd round pick & Jonathan Cooper


Trade 2:
(New England/Cleveland)

Cleveland receives: Jamie Collins

New England receives: Conditional 2018 4th round pick, which ultimately became a 2017 3rd round compensatory pick
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After reviewing New England's past trades of Chandler Jones & Jamie Collins, who were in contract years identical to Malcolm Butler, I believe a fair trade with New Orleans should look as follows...

Potential trade:
(New Orleans/New England)

New Orleans receives: Malcolm Butler

New England receives: 2017 3rd Round pick(#76 overall) & 2017 7th round pick(#229 overall)

Why it makes sense:

The value New England receives falls right in the middle of their two prior trades with Arizona & Cleveland. Chandler Jones(4years/36sacks in NE) nets the biggest return because of the Higher positional value & money he commands as an EDGE defender, followed by Malcolm Butler at CB, then Jamie Collins as an LB. While Malcolm Butler has developed a name for himself these past two years, I see no reason why New Orleans should give up more than what Arizona paid for Jones, a former 1st round pick with top production.