"There's no doubt I can come back," he said. "But I have to weight whether I'd be a liability or an asset."
Pennington's surgery is scheduled for Friday and will be performed by the famous Dr. James Andrews.
After the procedure, Andrews will talk to Pennington about the damage to his shoulder and what his long-term prognosis will be.
As Pennington joked on Wednesday, he doesn't want to be on a plane in a few years and reaching to pick up luggage, only to have his shoulder pop out of place again.
That's what happened when Pennington was injured in the game against Tennessee back on Nov. 14.
Pennington says he was hurt when his arm hit offensive tackle Jake Long on his first pass of the game. The quarterback said he felt the shoulder pop out, but he was able to pop it back in himself.
When he put his hand on his helmet seconds later, the shoulder popped out again.
Pennington said he then asked Ronnie Brown to pop the shoulder back in, the quarterback joking that Brown was afraid to do it.
Brown himself said the day after Pennington's injury that he was scared of injuring his quarterback even more.
These days, Pennington is still around the Dolphins, spending about three hours every night with the other quarterbacks breaking down film. He's also been on the sideline for the home games against Chicago and Cleveland.
If Pennington does decide to retire, he'll have some options. They include getting his master's degree, coaching, broadcasting and working with his foundation.
Pennington's father was a high school for 30 years, and Pennington says he can see pros and cons of coaching at all three levels — high school, college and pro.
But all those decisions will wait.
For now, Pennington will continue to do what he can to help out Henne while awaiting a visit from relatives for Christmas.
"I'm going to take a few months to digest it and make the right decision," Pennington said. "Once I make my decision, there'll be no turning back."