I don't believe Michael Bishop was picked up by any other team after the Patriots cut him in August. Maybe he'll catch on with that new expansion team down in Texas for next year. From what I read, Belichick did not think that Bishop has the right stuff to be an NFL quarterback. I do remember Bishop getting a significant amount of playing time in pre-season and he didn't show much. That was when Belichick made Brady the No. 2 quarterback, relegating Damon Huard to No. 3 on the depth chart, which was a shocker at the time as Brady was a complete unknown and Huard had had some success down in Miami.
There is no doubt that the Patriots have some serious depth at the QB position right now. We have three quarterbacks that could conceivably start for at least half the teams in the NFL.