I will avoid the usual "Kolb vs. Skelton" argument in this post, but would like to address a (perhaps) reasonable approach to Kolb's contract.
Disclosure: Most of you know that I favor Skelton at this point in the season- if anything because of the fact that he's younger, cheaper, and his ceiling in terms of talent are not known. Although it can be argued, I would claim that the two quarterbacks are not that different in overall performance, although the specifics are variable (QBR/passer rating/wins). I will not advocated for "getting rid" of Kolb, just for making him cheaper so we can spend money on, I don't know, maybe line-men.
The problem with Kolb is that this year (and perhaps in the future), he was significantly overpaid compared to his performance. He has been injured repeatedly and missed half the season. He now has a history of injury, including concussions, that severely impacts his value. He is also no longer indispensable, if you believe Skelton is a viable alternative given his performance over the year with even less practice.
Kolb is already owed $10 MIL for this season, and gets a guaranteed $8MIL roster bonus before next season starts. If he were to serve out his entire contract, he would be paid over $60 MIL. If, as most people state on this board, he gets a full off-season and next year, the Cardinals
would have paid him a guaranteed $20MIL. If we enter the pre-season and Skelton wins the starter role, we will be paying Kolb a crapload just to carry a clipboard (I'm not stating this will happen, but it is a real possibility).
Given the above, if I were the owner of this team, I would do the following. I would contact Kolb and his agent and tell him I am going to cut him if he does not restructure his contract before the deadline. Kolb will restructure and take 1/2 the money to stay on the roster. He'd be foolish no to, because no other team would pick up his current contract (probably no team would have done it before this season either, IMHO). We could then sign him for even less money. This would probably work since his value has completely plumetted this year. While the QB situation makes next year a seller's market, there are a lot of good prospects coming out of college (Luck, RGIII, Moore). I just don't see any team committing serious money for Kolb given his inconsistency and fragile health.