I'd be fairly surprised if they cut him. It wasn't a mistake to add him to the roster. He's not a bad player at the position. It was a mistake to overpay him, but that's what happens in FA if you sign young players at positions of need. But I do expect them to get the pay cut.
It's not happening now, because the focus has moved to preparing for the draft. And because the draft will fill DB vacancies across the league and improve the team's negotiating position as a result. And because there's always a chance we get players we really like in the draft and it changes how we might handle the Carr renegotiation. Either way, if we save him for a 6/1 release, it works to our benefit.
This defense has a bunch of issues, and we need to upgrade the talent at every level across the board. But the best way to go about that is not to open up a significant hole heading into the draft. Pick the best players you can, and then see what you've got and go from there. If you absolutely can't get your DB for some reason, it might change what they do with Carr, but the chances of that are low as so much of their secondary is going to be up for grabs next season. They have to get in position to take some DBs this draft to give them options for 2017.