Why would they? Frankly, he hasn't shown he would be ready to do anything on an NFL level at this pont - and don't forget that a PS player can only be taken if he's placed on the active roster of his new team - you cannot take a guy from another team's PS and place him on your PS. And I don't really see a team that would have a free active spot for a guy who cannot really contribute yet...
I guess the plan with Reynolds was to let him develop for at least a season anyway. I don't think anybody could realistically expect him to make a full switch to a position he's never ever played at, and get to an NFL-ready level in one camp and pre-season... Rookies always say the jump from the college level to the NFL is gigantic, even if they don't have to switch to a new position... Nobody could think Reynolds could do it - and of course not because he would not be good enough, but because this is not a job to do in such a short time. He'll almost surely miss the final cut, come back for the PS, and spend a year to develop into what Ozzie and Harbaugh projected him to become. And I think he's long been aware that this is the plan - propbably from draft day.
Someone would pick him up and keep him as a project. His talent is too good to be passed up and a team like the Patriots would probably bite. It takes time to change but if(when) Campy is injured they're sure going to wish they had him. To have C back in punt/kickoff returns seems foolish given his history of injuries. Let's see what he does this evening and if he performs as this poster expects he'll have a job in the NFL, if not with us then somewhere. Much too early to bail on that type of talent.