That's an interesting question. Per Spotrac:
"Chad Kelly signed a 2 year, $1,230,000 contract with the Indianapolis Colts, including an average annual salary of $615,000. In 2020, Kelly will earn a base salary of $750,000, while carrying a cap hit of $750,000."
However, per John Dixon:
"the new CBA eliminates unlimited practice-squad salaries. All practice-squad players are paid a fixed weekly salary established under the CBA — except for Group 4 players, for whom the CBA establishes a minimum and maximum salary. In 2020, both are $12,000 for Group 4; all other practice-squad players will be paid $8,400 per week. In 2022, the Group 4 salaries must be between $15,400 and $19,900, while all others will be paid $11,500."
So I wonder what happens with the 2nd year of Chad's contract (and several other PS players across the league).
I'm not so sure he would survive on the PS. Last year we paid him a significant salary to keep teams away. This year we won't be able to. If he has a good camp and preseason I could see him landing as a backup somewhere even with Cam out there. I would bet a number of teams would be interested especially at what his contract would look like. Maybe even the Patriots. I believe at the end of this year if he was on our roster he would be a restricted FA not unrestricted. That would give us a little more control and might be an additional factor on keeping him on the roster this year.