reported on ESPN, link to follow. Gutierrez was a final cut this year, and has was their 3rd string QB last year.
The New England Patriots have signed quarterback Matt Gutierrez to their practice squad and could activate him for Sunday's' game at the New York Jets. Gutierrez was released on the team's final roster cutdown for the regular season after spending all last season with the Patriots as the third-string quarterback behind Tom Brady and Matt Cassel. He originally signed before last season as a rookie free agent out of Idaho State. Brady went on injured reserve after suffering a left knee injury midway through the first quarter of last Sunday's opener and is out for the season. Cassel came in and helped the Patriots to a 17-10 win over the Kansas City Chiefs. Rookie Kevin O'Connell is the only other quarterback currently on the roster. http://ap.google.com/article/ALeqM5hlxB4PLCngVn8o-ybROjenTDyYfQD933UBE00
He was probably the best of the 3 in preseason, but that doesn't mean much. I think the main reason they picked him is because he knows the system and can step in right away without any issues, if needed.