If he can really bulk up in the offseason, he could turn into a decent defenceman. There are other small defencemen out there that are successful, but he's unbelievably weak. Combine that with a lack of offensive skills, there's not a whole lot to work with.
Putting on some size might slow him down a bit but he has speed to burn. I think that's his only hope of becoming a regular NHLer... or he becomes a 4th line winger.
At his salary though, someone will take a chance on him. Likely MB tried to move him.