You are correct. I think that's the only way that Patrick makes the team.
I don't think Mills is going anywhere, after all he's a rookie fourth round pick. It comes to down to Evans and Cobbs. The most telling thing to me is that it was Evans that entered the game in the 2nd quarter last night and not Cobbs. I think they'll attempt to pass Cobbs through waivers in order to get him onto the practice squad.
And judging from a keyword and search engine analysis of my blog, if Cobbs doesn't make an NFL team in some way, there's going to be a lot of dissapointed fans out there.