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I guess that's true if you don't count resigned ERFA Gutierrez.
Ah, how quickly I forget! You're right, Gutierrez was still on the roster.
Still though, with the only #3 QB competition being a guy they'd already cut in the past the Pats were a pretty attractive destination. Imagine that instead of going undrafted, Hoyer had been taken in the 7th by a team like the Eagles or Bucs. He could easily have gotten fewer snaps in camp and the preseason, slipped through the cracks and been quietly cut. I'd definitely rather be a priority UDFA than a 7th-round pick.