I'm with you a 100%.. Sign him to a cheap contract, put him on the PS for a year to let him fully recover. I feel like AZ kept rushing him back after every injury not allowing him time to fully heal and putting him at greater risk for further injury. I think when he's healthy he'll be better than any RB we will get in the 3rd round or later so it would essentially be like saving a draft pick next year.
I'd do it just for the potential to see a dreadlocked #34 with Williams on the back running people over again. Those were my favorite times as a Dolphins fan!