He has two years left on his contract Denver has no reason to cut him UNLESS the injury takes its toll. Ball being a rookie is going to need to split the carries and I bet the Broncos would feel more comfortable with Mcgahee being that back.
Anyway, that is what i hope. I would hate to see Mcgahee get cut and then Ball sucks or gets hurt and we are left with Moreno and Hillman. That is a playoff killer right there.
Plus McGahee has for most of his career has split carries with another back. Maybe he is not cut out being the guy that totes the rock 25 times a game.