Except if he succeeded they'd still have a cap issue next year and if he didn't they still wouldn't have a QB.
Of course, the most likely outcome was what has happened -- he's up and down, often produces pretty well but doesn't show that total command to make you think he's the long term answer. But now you're forced into anther awkward situation with the player and his contract, you have no other real options, and the team players (and fans) lose even more faith in the franchise watching this cluster!@#$ unfold.