It makes little sense to me to cut Smith after just his first training camp. If he becomes a head case during the season, then I could see the team moving on starting next year.
Cutting Smith would severely limit the depth we have the roster because none of the Safeties, save for Collins, has shown much of anything.
I'd like to keep Rouse another year, but with the severity of Jackson's ankle sprain, the team is probably going to have to keep 4 RBs on the roster.
Right now:
CBs - Woodson, Harris, Williams, Lee, Blackmon
FSs - Collins, Bush
SSs - Bigby, Smith
Bush's versatility as a FS, CB, and special teams gunner are why he will make the 53-man roster. Underwood and Porter strike me more like as practice squad candidates than a 5th or 6th CB on the active roster and I can't honestly see the team giving up on Pat Lee yet. Blackmon makes it because he the team's PR.
I think there's a pretty good chance the Packers will carry 10 LBs going into the regular season because they want to continue to develop some of these young guys like Lansanah and Obiozor so they may only go with 5 guys on the D-Line and cut someone like Montgomery loose.