That's my position, particularly with the assumption that Rypien costs less than Wentz would if he were signed. And given Snead's thoroughness he's probably kicked that tire if it were kickable. A simple series of calls to the agents of vet FA quarterbacks asking "How much does ____________ want?"
That's after determining who fits the system and who doesn't. Our fan board notion of "better" doesn't cut it. We're asking somebody to come in off the bench and hold down the fort as seamlessly as possible - some QB's adapt to McVay's system better than others, and from among them, it's the bargain hunt that settled on Rypien. He's at least a camp arm, potential competitor for #2 spot and fits the culture McVay wants to build.
From what I gather Rypien is smart, keeps his nose clean, and is a serviceable backup. Uber accurate but not with great arm strength. In college he proved himself a winner - and is probably seen as one who could come in well-prepared on short notice and perform well.
IOW I think we have the backup QB slot in much better shape than last year.