Colton was kept mostly for his Army creds for the 'Fight for the Troops' type of stuff. Now that Stann is gone, Dana needs a few token soldier to play that card. Because of that he MIGHT have a last chance... but if his last name was Ramirez with no Army credit, he would be pink slip material.
Colton needs to fight often in the small league just to put his style together and rebuild his confidence. Same for Mike Ricci, too weak for the UFC but can knock a few low level guys in the beer leagues.