Here's the deal. When the Jets restructured Sanchez's deal it created 2 effects. It locked Sanchez into the team until after the 2013 season. BUT, it makes it more cap friendly to dump him any season after that. In other words, for getting that 2 year guarantee, the Jets essentially have Sanchez under contract, but with a year to year team option....but not until AFTER the 2013 season.
Hoyer's problem is that there is simply not enough game tape on him for ANY GM give him a starters job, or the contract that goes with it. At best, he'll go somewhere where he can at least compete for a starting job, and hold the back up role if he loses. I don't think anyone is going to pay him a lot of money or even offer up a draft pick in exchange for his services.
He has more value to the Pats right now than to any other team. Besides, did any of you REALLY watch him in the Saints game and say "Wow, this guy should be a starter in the NFL". I know I didn't. It wasn't a bad job, but nothing that "popped".
Here's a possible scenario that might be in Hoyer's future. The Pats decide that Mallet simply can't process the information fast enough to allow him to use his natural talent, and move on from him, like O'Connell, and resign Hoyer with a very moderate raise to be Brady's back up until he retires.