He is still on the team because he is a former first-rounder and the team is trying to find a way for him to contribute in some form or fashion.
Teams hate to cut former 1st rounders that have busted, makes the organization look bad that they blew the pick. So alot of it is trying to save face by trying to find something the guy can do to contribute.
I understand this and I know that the only reason he is still on the team is because he was a first rounder. However, at some point you have to cut your loses and just admit "yea, we f-uped the pick".
I think this years training camp is the last chance for Bobby. He either wins a job with his performance or he gets relased, either in the first or second cut down date.