dump him. Morrow has been grossly overrated for several years now.
He doesn't pitch deep into games, he gets walk-happy and he's an extreme injury risk. If you can sell him to someone who's still buying into the "elite potential," do it. If not, I'd have no problem cutting him for either of the options you mentioned.
"If you can't spot the sucker in your first half hour at the table, then you are the sucker."
-Mike McD, Rounders