Yep, that pretty much sums it up, Mad.
This signing would essentially be a no-lose situation for our favorite GM. TT is starting to build momentum - so far as his "approval rating" goes - so signing Woodson would keep him going in the right direction. At worst, if it turns out to be a bust - it won't matter too much, 'cause we had the money to spend.
And if he doesn't sign Woodson....well, we're all pretty much used to the "non-signings" by now.