As of the end of last season, his most perceived value was as a kick returner. With both Felix Jones and Pacman now in the picture, he may be feeling a squeeze. In addition, Isaiah Stanback is healthy this year, and may also get a look as a returner as well.
The outcome of the Terry Glenn issue is going to play a large part in what the Cowboys do with their roster. If he signs his injury settlement, he may be afforded the opportunity to stay. If not, and if he doesn't get through training camp in an acceptable fashion, they'll cut him. As it stands, he can't pass a "real" physical.
A lot more of this will be determined as to how Isaiah Stanback can perform in training camp. He's another wild card to the equation. If he performs up to expectations, he'll easily beat out Miles Austin.
So really, there's no way of telling til August, but if it were me that wanted to take a flyer on "any" Cowboy, it would be Stanback.