After Patriots TE Rob Gronkowski, depth gets hazy, which is surprising, since the Patriots were expected to go hard after a tight end in the NFL Draft or in free agency. So far, though, the Patriots have come up with only the rookies, Justin Jones and Asa Watson.
Michael Hoomanawanui is a serviceable tight end and is likely to make the roster, save for an unforeseen development from the rookie tight ends or a free agent signing. The only reason he's not a lock is because the Patriots' options remain so open, especially with Jermichael Finley and Dustin Keller still available in free agency.
In terms of fantasy, no one after Gronk will likely make an impact. In fact, you can probably expect the Pats to use more WRs in their formations, since they are pretty deep at that position, but especially if Gronk isn't ready to go.