Real quick take since some of this news is breaking which makes things much clearer. According to reports the Packers have cut Anthony Levine. Levine had started to make a push late in the preseason and some thought he may be able to take the starter safety role from M.D. Jennings. Apparently he wasn't quite as close as they thought though.
The biggest beneficiary of this news should be Sean Richardson. Richardson impressed many, including myself, with this physical skills and ability to tackle. He also does not look too bad in coverage, which is good considering the amount of physically gifted TE's that are currently in the division.
With Levine cut there is a good chance that Richardson will make the final 53. Unless, the Packers go lighter at the position. IT is very possible that the Packers will still part ways with Richardson (or find room for him on the practice squad) and then go with only three safeties and Charles Woodson. In this case the safety spot would be Jennings, Jerron McMillian, and Morgan Burnett. Considering Burnett's injury history, the unproven nature of McMillian and Jennings and that Woodson is only a part-time player at safety, I find it doubtful that the Packers go light here....but you never know.