What options do I have with him? He didn't retire, he just stepped away from football to battle cancer. He's also not suspended so that eliminates the retirement/suspension optio . He's not on a team so he won't be put on IR so that removes that option.
Some things in sports cannot be quantified in fantasy terms.
The great papps may have lost a chip because a guy almost died in front of a national audience causing an entire game that had already started, to be canceled.
You answered your own question when you listed all the options at hand that he did not qualify for.
There are two options he does qualify for...
#1 He is property of the Saints, you own his rights. You keep him rostered until he recovers and attempts his announced return.
#2 You release him at 75/50%
The only two options that are available.