I think his NHL career is over. I wouldn't have ruled out a training camp tryout, it's just that there's a lot of younger and better UFA's that haven't been signed anywhere.
Even Bernier and Gomez might be on the outside looking in once the season starts.
I think Zubrus can probably get an overseas contract somewhere, KHL or anywhere overseas.
I'd put Zubrus on par with Brendan Morrow at this point, both are the same age too. Morrow wasn't signed anywhere yet, doubt he ever will be in North America. I think the same goes for Zubrus. Olli Jokinen is another comparable.
For the record, I wouldn't have completely rioted if Zubrus was kept but in a 4th line role ONLY. I think it's best that he's off the team though, especially when we also turned away Bernier and Gomez. When people have called this team (particularly forwards on this team) untalented, old and slow, Zubrus epitomizes that phrase for me.