I think the NFL transaction wire updates at 4:00, so we should know any minute now.
That said, I can't see us bailing and exposing our third round pick from a year ago to waivers unless there is no intent for him to return. It's kind of late in the week to need a scout team, practice squad QB; my guess is that they wait until after the game and bring in a new understudy.
If they were truly taking this guy seriously as the developmental prospect, no way does he get subject to waivers; that's an indication that they may not care about him being snatched up anymore.
I figured he'd land on the Saints' PS. He def doesn't look like a guy who could lead a franchise right now, but he has some attributes. Some decent mobility kinda like alex smith, and a couple of his deep balls actually looked pretty good to me. Definitely has a higher ceiling than some guy like Sean Canfield, at any rate.