If my math is correct, his cap hit this season should be 1.45 million. Cutting him would cost 800k, so there's not much incentive to get rid of him. Hopefully he'll get a chance to contribute this season.
I'm not sure how it will work since he went on I.R. - most contracts these days have and I.R. salary so he probably still has most of this season guaranteed. He is probably here in 2013, but he is supposed to be a good ST player.
I don't think he fits very well in a 3-4, so maybe a backup SAM. He's not really the thumper you want on the inside, those guys have to fill gaps and make tackles.