I would try to practice squad him. He had a couple drops in the last practice and would probably benefit from a year of development on the practice squad. If he doesn't make it, then Kevin Smith was looking equally good, if not better, when he was healthy. Douglas McNeil could also probably make it to the practice squad, where they may decide he looks better at receiver than corner.
Ride with Graham, Baldwin, Lockett, Kearse, Matthews, and Lockette (temporarily for speed and special teams) and then consider cutting Lockette when Richardson returns, assuming everyone else is still healthy.
In this scenario, Norwood is the guy who is out of luck, as he does not have practice squad eligibility, and there doesn't appear to be more upside there than with those other guys who are practice squad eligible. Carrying a receiver, who does not have unique speed to flash on special teams, won't contribute much as a receiver, and has very little separating him from the practice squad candidates, would be a waste.
Then again, I don't get the impression that he will be released. I would say there is a better than 50% probability that Norwood makes the roster, with the team carrying six again or at the expense of Lockette. Maybe Norwood will surprise people.