I mean it makes him what... the 20th highest paid safety? I'd rather move John Brown, or Butler if space is a major issue.
You save more money cutting butler than you do hyde. 2nd on the team in snaps this year, the primary center fielder/deep safety, can return punts in a pinch, and has experience at nickel corner. to save what 4.5 in cap space? I don't think you improve the team with the savings and fact that you have to use draft compensation to replace him.
Huge risk to take 90 something percent of defensive snaps and give them to a rookie.