Honestly Mike, I'm not sure it does. There is a 0% chance Cooley contributes anything after this year, and about a 5% chance he contributes anything meaningful this year. So why not go take a chance on an UDFA? Sure, that kid probably won't stick either, but at least we will have taken a chance on someone who could potentially stick.
I'm sure Scot is scouring the waiver wire for other teams' garbage, and won't be surprised if we pick up a TE or two in the coming weeks. I'll be floored if one of them is Cooley.