He will likely be worth about a 6 million a year contract.
(That is halfway between Hasslebeck and Tarvaris Jackson contracts this season)

Is he worth that as an insurance policy on the bench?
Is he worth keeping instead of other some of the other free agents (Sitton-No, Wells-No, Finley-? Grant-yes, Nelson-yes)

Where does his money come from under the cap?
Likely from cutting Clifton (5.5 million).
Reference 

Sitton gets his increase from not signing Grant (5.25 million).
Reference 

Wells gets his money from the increase in the salary cap.

I think it comes down to Flynn or Finley.
If Finley gets injured again I know which way Ted will go.
If Finley wants more than 6 million a year, I know which way Ted will go.

Can they keep both Flynn and Finley? Yes, at the expense of Donald Driver.

If Driver is cut, it will have to be early as he is due a 2.2 million roster bonus, $200K workout bonus, and 2.6 million base salary for a total of 5 million due in 2012.
Reference 


Under the salary cap the team is forced to make choices.

---

Just because other teams over paid doesn't mean we should. Also those two have a lot more playing time than Flynn has.

And if healthy I'm not sure Grant and Nelson are less valuable because they've seen the field a lot more.

---

Matt Flynn is as good as gone. Somebody is going to offer more money and a chance to start. It’s a fantasy to expect him to remain with the team for another year just so he can learn from Mike McCarthy’s QB school. McCarthy has already stated he believes Flynn is a future starter. Also, he fit’s the offense of so many teams, so the opportunities are going to be there.

Buffalo
Cleveland (If McCoy flops)
Denver
Miami
Seattle (If Jackson flops)
Washington

I actually think he fits Oakland despite their desire to throw deep all the time. San Francisco is another option if Colin Kaepernick doesn't have a good showing this year.

How good is he?

I think he's every bit as capable as Colt McCoy.

---

Matt Flynn is going to be a better option at quarterback for some teams willing to give him a shot at the starting position (Buffalo, Miami, San Fran, Cleveland, and maybe Cincy?) and will probably pay him more than GB is willing to offer as a back-up. I really do wish we could keep Flynn because he is one hell of a back up to have around if something were to happen to Rodgers.

I actually said I hope he just has an *off* season if he does get any playing opportunity so it would scare some teams away. Wrong of me? No.

He is already better than Fitzpatrick, Henne, Smith, McCoy, and Dalton and can be a big time upgrade for some of those teams.

---