Yes, completely washed up, but isn't that true of pretty much every veteran player? Short of that, however, which they must believe is not true considering the contract, Reiff will be on the 53.
It would be highly unusual for a team to trade for him during camp, when everyone is most interested in protecting young talent. Besides, Reiff even offered in a trade during camp with this contact and the condition of the Pats offensive line would be a signal to the league he's done. During the season, a trade is a higher probability.