The second round level of the tender is an interesting one because that's low enough that another team very well could come in and give up a second round pick for Hoyer. Another team can offer him a contract, and if the Patriots decline to match it, they give up Hoyer but receive a second round pick in return. But the Patriots will have a right to match any offer he receives, so they really control his rights.
If you're a team like the Dolphins or Browns, who could miss out on Peyton Manning and one of the top two quarterbacks in the draft, you may have to think about making a play for Hoyer. Quarterbacks are a valuable commodity in the NFL, and even guys with virtually no experience like Hoyer have some value.