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There is less than 2 years at most to pull off the traded part. Mallett will either be traded or cut by 2014 because they won't extend him if they think he can't be a starter right away and he won't sign a deal that doesn't both pay him as such and/or give him at least a shot at starting. That is backup QB 101. They don't hang with that first team past the first contract. If they did it would mark them as lacking drive and ambition, like the one guy who did...Manning's former backup who thereafter got injured without even playing and was gone a season later.
Hoyer or Cassel could easily return if they want to shop Mallett. Both took their shot and either failed (and not necessarily entirely through their own fault) or found no takers. You can keep them here almost indefinitely as more of a veteran system backup while you continue to audition other developmental players for a possible role as the eventual replacement.
That's a good point. Mallett has two years to show he's a starting NFL QB.
I also like the idea of Cassel being our Charlie Batch/Jon Kitna as the backup and keep a 3rd QB spot for a young kid. We know BB values every roster spot though.