I know that he was recruited by LSU, but IIRC, they withdrew his offer when he did not commit fast enough so he went to Texas A&M. IIRC, he is a speed back with good hands and good size. Basically, he is a talented RB that can be the complete package. And, he's a guy who never really got a chance to show what he could do in college because A&M had a crowded backfield and relied heavily on Johnny Football last year.
Maybe they think he could be a rookie free agent or they are looking at him as a late round pick in the event that they lose Ivory to someone making his a crazy offer. And as a rookie free agent, competition is never a bad thing and you can always use some good back up talent on the practice squad at the RB position.