None of this should be surprising, so feel free to berate me in the comments, but since news is slow I figured I'd throw this out there.
Babin will be 34 in 2014, and while he'll be a young 34, there's a good chance he'll've lost a decent amount of the speed he relies so heavily on.
By 2014, Graham, Curry, and/or another young DE should have passed him on the depth chart, both in part to Babin losing speed and their improving.
He'll have a cap figure of $6.2m (versus only $400k dead money if cut). I doubt he'll be worth that, especially considering how good our other DEs should be. But on top of that, in 2014 we'll have the following cap increases:
LeSean +5m, DeSean +3m, Cole +1.3m, and if we've extended Maclin and/or Rodgers-Cromartie, 2014 likely will be the first of the cap-heavy years of their contracts.
To be fair, those increases will be partially offset by Vick -1m, Peters -2m (or Bell -3.5m), and Jenkins -3m (if he's not already gone). But freeing up nearly 6m will be a pretty obvious move for the FO.
And as far as 2013 goes, if Graham and/or Curry pass him on the depth chart sooner, if he slows down sooner, or if any number of other things happen, ditching him only costs us $600k of lost cap against his $4.4m 2013 cap number. Hopefully in that instance we'd be able to trade him, but we'd likely end up only with the kind of deal we got for Asante.
In conclusion, I'd encourage people to enjoy watching Babin in 2012, because he could be running with the bulls sooner than one might think. All numbers from EaglesCap.com.