As far as miamidolphns.com is concerned he's still on the roster. He's #38. http://www.miamidolphins.com/newsite/team/roster/roster.asp
I suspect Parcells likes his North-South power running ability, Cobbs may fit into our new power running game quite well actually.
This is true, however, we already have Ronnie, Ricky and now expended 2 draft picks on RB's...and have two FB's on the roster. Cobbs very well might be a casualty of the new regime.
I had high hopes for Cobbs but he may be the odd man out.He was good in special teams and that may save his neck.