Looking at the possibility of Cobb getting cut, from a salary cap perspective:
https://overthecap.com/salary-cap/green-bay-packers
Cobb in last year of his deal. Cutting him results in dead cap of 3.25 mill. Savings of about 9.5 mill.
Pack has 10 mill in cap space, so that 9.5 mill would probably be rolled over to next year, assuming they make no big expenditures during the season. An expense that big would have to be a trade, which is far from certain (Khalil Mack, whaaaatttt!!!!!!!!)
Adding 9 mill in cap space is always nice. The Pack DO have about 30 mill in cap space next year. There isn't a ton of dead weight they can cut, Tramon Williams will surely be cut, freeing up almost 5 mill, but the only other name that jumps out is Mike Daniels, and I'm pretty sure that would be a surprise (as of this moment).
Free agents the Pack might want to re-sign include Clay Matthews, Muhammad Wilkerson, Ha-ha Clinton-Dix, Lance Kendricks, Davon House, Jake Ryan.
The Pack are never active in the free agent market, so it seems like they are OK for next year, right now 14th in projected cap space. That rank will change, other teams have more salary they can clear, but the Pack are fine.
In order to rationalize cutting Cobb, you really need to think he's washed. The Pack have every intention of competing for the Super Bowl this year. If he IS their 2nd best WR, saving 9 mill for '19 cap space isn't worth cutting him. OR, you have to think the Pack are convinced that Allison, and the rookie WRs with the brutal names are ready to contribute to a playoff team.
If they had made that trade for Switzer, I might have been convinced. But as far as I know, there's not really another guy that does what Cobb does on that team. I know EQ plays the slot, but in a completely different way than Cobb.