This is definitely a surprise, but it's not as if BB & co. don't know what the rest of us know. That means they are cutting Fletcher with 100% understanding and acceptance that they may lose rights to him.
But what does that really mean?
Fletcher is in his third season, and according to Rotoworld is only under contract through this season. Assuming that's accurate, what they're giving up is the right to tender him as an RFA.
Now consider that Fletcher was undrafted, so they would have to tender him at the $2 million level. That seems unrealistic, don't you think?
So unless I have something wrong (certainly possible!), they actually have nothing to lose at all by cutting him.