Reagor will be the #4 WR and the punt returner, he was actually very good at returning punts for the Eagles last year. But yes, he's pretty bad as a receiver, but he's got upside. I could see him working out as an occassional deep threat.
Cutting ISM is very puzzling indeed, it seemed he was the #4 guy with Bisi's ACL tear, but it seems the new FO wasn't high on him. Especially since we could have cut our 10th OL (why is Udoh still on the team?). Now he's basically the Bears 2nd or 3rd best WR.