I think he can still play, although I am getting concerned with his recurring stingers/neck issues/whatever that have him playing well below what he is capable of. His latest injury doesn't really concern me at all because he doesn't have a history with this injury.
I would say DeMarcus is still worth his pay. When healthy, he's definitely worth his pay and even if he misses a game or two he's still worth it. His base salary next year is $12.25M. His cap figure however is $16M because of all the previous restructuring. Without that restructuring his cap hit would be entirely based on his base salary. In that sense, he's worth his pay but at $16M and with a level of uncertainty about his availability, he may not be worth his pay plus the fake money added to it.
For a healthy Ware, a cap hit of $12.25M is an absolute steal.
2014 Cap Hits For DE:
1. Mario Williams - $18.4M
2. Julius Peppers - $18.2M
3. Charles Johnson - $16.4M
4. DeMarcus Ware - $16M
5. Chris Long - $14.7M
6. Calais Campbell - $11.25M
His cap hits after restructuring is still reasonable but ONLY if he doesn't miss time. For a guy who can get to the QB like Ware that's just the going rate. But Dallas is likely going to have to do something with his cap number. If they restructure, they're probably gonna have to keep him through 2015 at the earliest. Even then they'd have $8M in dead space to cut him prior to 2016.
It'll be interesting to see where it goes from here but this is one of the problems with restructuring. You inflate the cap figures of players at a time when they are less likely to justify such a cap figure. Age slows everyone down. Some players seem to defy the clock and play well into their mid-30s. The vast majority don't.
Restructuring is basically a wager that your players player's performance will at bare minimum remain consistent. Once you start restructuring 2 or 3 times, you're essentially saying that you expect your player's performance to improve so that his play will justify his cap figure. Any drop in production and you're really starting to lose your rear on the deal. In addition, even if the performance drops you're shackled to that player to some extent because you'll create too much dead money to cut him.