Two-way players can play unlimited regular-season games and get paid the league minimum per game. I don't think they can be on playoff rosters though. Jazz will have to bump him to a regular contract before the playoffs. He's shown enough defensively that he should come in to help guard the Ja's and CP3's.
That said, I could see them take a few weeks to see what NAW and Huancho look like. If Rudy Gay isn't going to play well enough, the Jazz may look for another solution, imo. It also might be a good idea to see what the playoff matchups are going to look like. If the Jazz have to play against Anthony Davis, they might need some more help.