I admit, none of the scenarios are ideal. But there is a good chance next year we are down Waynes and Alexander. Meaning we almost have to draft a corner this year anyway.
If that guy is going to be our 5th (my scenario) or 6th (your scenario) corner this year doesn't mean as much to me as the value we might next for that 2nd round pick.
He'd be your 4th guy for the first 4 weeks.
And it's not just about where that guy slots in, that's the least of my concerns about your plan.
It's where it slots everyone above him.
It moves Hughes into a starting role, instead of nickel. It moves Alexander into a nickel (which is basically a starter now), instead of a dime.
It's also so easy for modern NFL QB's to pick on your weakest link.
We saw that a lot the last couple years when Rhodes or Waynes would get hurt in game. Alexander would come in cold and just get mercilessly picked on.
I understand we may not be able to keep both, but their window is now. And I don't know why they wouldn't be able to keep Alexander. Unless he has a completely break out season, he should be very affordable. His improvement last year was great, but it doesn't erase the 50 shades of awful he was before that.