For a team that is up against the cap even worse than the Packers, I can see where some might call it a questionable move. However, I really think it shows you just how valuable Hill is to the Saints. As we are discussing in another thread, there is some decent money being thrown at backup QB's each year, just to ride the bench. I think in Hill, the Saints know they have a dependable #2, even a possible #1, that also brings a lot more to the table on game day. Imagine how much more valuable Love would be if he could play WR or on Special teams.
Hill's value is in his versatility not in his ability to play QB. He does enough different things well enough to make him worth his salary but he doesn't do any one thing well enough to make him worth it if he is forced to do any one of them on a full time basis. The problem is that the very thing that makes him valuable, his versatility, is taken away when he is tasked to become a full time QB.
Now you take a guy like Elgton Jenkins. He can play every position on the line so that makes him very valuable because of his versatility. But, he also has value that in that if he is asked to play any one of those positions full time he is able to provide a more than capable performance. He loses his versatility in the sense that if he is the starting LT he isn't available to play any other position but he is a good enough starting LT that it makes up for it.
If Hill has the ability to play 5 positions (backup QB being one of them) that's fine and he may be able to do an OK job at any of them but as soon as he is asked to be the starting QB full time he is no longer available for those other 4 positions but you are still stuck with just an OK guy at QB (note I am probably being generous with the OK guy at QB designation)
Except he is a starting calibre quarterback, as he likely is starting this weekend. And how often has Siemian had to play through a mallet finger on the throwing hand, while also recovering from other various injuries with four days of practice with the ones? Taysom has one multiple int game, on a short week with multiple injuries.
To this I would say just because he is starting doesn't mean he is a starting caliber QB. IMO Hill is a very nice guy to have on your team because of what he can do and that includes being a backup QB. However, IMO what he can't do is be an effective starting QB in the NFL. To come in and finish a game? Sure. To start in a week when your regular starter is out with a hangnail? Maybe, but to be your week in and week out starter? No way.
In his defense he has been injured this season limiting what he could do so just looking at this seasons performance I'm not sure you can accurately say if he is worth his contract or not. It seems weird to say it this way but he is more worth it when someone else is the starting QB and he is available to be utilized in one of his other roles.