I think he’ll play again. Will he be really competitive? I doubt it, but I don’t think his injuries are severe enough to keep him from making money.
He wont be in good enough shape to compete for majors and he has far too much money to just play hoping to make some cuts and cash some checks. It will likely be very painful just to walk 18 holes much less play at the level hes accustomed to. He may try to play again but I'll be shocked if he is ever competitive on the PGA tour again.
I could see him waiting until he turns 50 and playing in the senior tour where they are allowed to use carts.