New England traded the #27 overall pick to Cincinnati, in exchange for the Bengals' #21 pick. The Patriots also included additional picks to go to Cincy, specifically their 3rd round pick.
The defending AFC Champions just got a little scarier. They still have another first rounder and I still expect them to trade down, because they always do.
(Ed. update: the Patriots didn't trade down from their 2nd first round pick, but actually traded up again!)