I just blogged on the BRS that I don't have a clue.
In trying to scope out the Cardinal draft, the first thing I'd do is to create and stack a hybrid QB-only board of FA and Cardinal veterans and rookie prospects to see how things line up. (Obviously, part of each veteran's rating would be tied to the likelihood we could sign him).
Most if not all of the evaluation process would be devoted to determining how much we'd lose or gain in the short and long range by either (a) signing a veteran and drafting a rookie QB (for insurance) in a later round or (b) signing Gabbert or Newton (plus a veteran backup FA (for insurance).
Note - The wildcard then becomes Skelton - which is as it should be. If he can prove he's better than either the vet or the rook, he could conceivably earn his way into a starting role. If not, he holds the clipboard while he watches and learns.
Personally, I am not all that thrilled with the veteran FA QB's who are out there - from Bulger to Kolb. (We can "hope" that Palmer regains his mojo or that McNabb or Hassebeck still have a year left in the tank - but that's all it is: "a hope, a wing & a prayer").
If both Gabbert and Newton are gone by #5 (assuming we wanted either of them), it puts us in the fascinating position of choosing either Miller, Dareus or Peterson (& going to our fallback plan of FA Veteran plus later-round rookie).
All of which puts every option under the sun on the table - and, as I said, I have no idea of what will happen on Draft Day - it could go 10 different ways.