I think he could definitely bounce back. They shut him down late in the season, he's not dealing with a surgery or rehab (like last offseason), and he's not even yet 27 years old.
But I do think when we talk about players on "prove it" years in 2017 that he's one of them. It will be interesting to see how Phillips uses him. He's a great athlete and versatile.
Rams would save $11.44M against the cap in 2018 if they released him a year from now.