I haven't heard that he got an injury settlement but if he did then he's certainly not going to be a Cowboy for a while. However, he along with Minter and Lemon, are still listed as part of the Dallas Cowboys injured reserve on NFL.com. They were all waived/injured and unclaimed by another team so they are part of our IR. I did a little research, I believe they can be released straight off IR once their injuries heal though as long as they were marked as "minor" injuries which might be why cowboys.com doesn't have them listed as being on the IR because it's just a matter of time before they are released, but I'm not sure how that works with waived/injured. It'd be interesting to find out and I'll try to do that.
Just one other thing, players with injury settlements aren't locked out of the NFL, they are locked out of the team that gave them the settlement for that period (that the settlement was for) of time + six weeks. They can sign with another team immediately after getting the settlement.
I've seen a lot of conflicting reports on this subject. I guess I need to find a copy of he actual CBA at some point.
Some reports I see agree with your statement that the player receiving a settlement is immediately free to sign with another team. Other reports indicate that the player has to wait until the settlement period is over before signing with another team. Other reports indicate that it depends on the settlement agreement and that the team making the settlement can negotiate it into the settlement for the player to not sign with another team during the settlement period.
All reports seems to agree that the team making the settlement can't re-sign the player for the period of the settlement plus 6 weeks.
It is also an option for a player to waive his rights to a settlement which would allow him to return to the same team at any time. I assume that if a player selected this option that he would never show up as waived/injured.
There is also the issue of split salaries. Spencer signed a split contract that would have paid him significantly less if he was on IR/PUP than he gets being on the 53.
Some reports indicate that rookies automatically get a split contract. That seems to be true looking at Matt Johnson's cap numbers. He got 303K in 2013 which is below the minimum. A player drafted near him in the 2012 draft made 480K in 2013.