Id put him in against Collazo. Thats a good measurement of how good he is now. If he wins easily, id give him Mosley 2 as Mayweather will never fight him and Cotto knows he can beat him. If he wins that he is back and has one last chance at the p4p stakes.
Cotto is done at top level. He might as well retire because he can't beat any good fighter outside of MSG. Clottey beat that ass and now Manny beat that ass, and previously Mosley beat that ass.