Norman, Bene, Tillman, Jones, Teddy on ST, Byndom as a dark horse... he was probably struggling to get 'it' back and saw the writing on the wall. This ain't last year's CB group and I don't really blame him for making the decision, as it's better now than in 2 or 3 weeks when he's been taking reps from younger guys.
I imagine that somebody would pick up whoever gets cut between Glanton and Klein, so not sure that the PS eligibility will matter. If anyone has a shot at the PS I would think it's Mayo, though your prior comment about cutting draft picks still holds true.
That means that Shaq and Jones will make carrying 5th CBs or safeties unnecessary, leaving extra receivers, or perhaps RBs, to play ST or be inactive. I think someone like Ward sticking around would have a greater impact on potential TE numbers.