The Pats roster reflects the lean drafts from 2016-2020. There were a number of reasons for these lean returns: consistently earning draft slots at the bottom of each round (gee, wonder why?), a stolen first rounder, trades (Cooks, Gilmore), bad injury luck (Michel, and, of course, Malcolm Mitchell), and some flat out busts. So, we are seeing a roster that consists of a lot of players from the 2020-22 drafts and the free agents they signed last offseason.
FYI, those signings were not ill advised. They had the cap space and there were a number of starting quality players available. They may be overpaid to some extent, but many of those contracts become cuttable after this season. If anything the problem is that free agent signings are best used to complement a team of solid draftees, not to replace the draft. But there is something to be said for keeping the team competitive during this unavoidable transition period.
The vaunted Ravens, Steelers, and Raiders have had true bottoming out seasons punctuated by periods of success. The Giants haven't finished bottoming out. The Pats may yet bottom out with this roster, but such an outcome is hardly uncommon.