If there was a team willing to trade a 5th round pick for him in March, I would think you have to jump on that.
Thing is, NO ONE is going to do that.
Maybe a 7th, but the trading team takes on around $4M in guarantees. So, once again, not sure if a 7th is going to happen.
Cutting him in March costs $5.5M in Dead Money. Not exactly what is needed with the cap situation.
If you can't trade him, it makes sense to bring him to camp and hope for some maturity.
If he doesn't show you that, cut him 1 Sep to ease the cap hit.
IMO.