Collins signed a one-year deal last offseason, returning to Chicago after playing with the team in 2012. He played well through his first five games, compiling 14 total tackles. The 26-year-old suffered an ACL tear in week 5, ending his season.
Palmer, brother of Cardinals’ quarterback Carson Palmer, was brought in midway through last season to serve as the backup quarterback to fill-in Josh McCown. Palmer has completed ten passes in his career for 59 yards. He’s also tossed two picks in his four games between 2008 and 2010. With Jay Cutler returning from injury and McCown currently unsigned, keeping Palmer could be interpreted as insurance. As Adam Jahns of the Chicago Sun-Times points out, head coach Marc Trestman has said he likes keeping three quarterbacks on the roster (via Twitter).