Riley Dixon was signed to a 1-year, $1M contract with no signing bonus and no guaranteed money. If the Rams cut him or trade him before the final 53 he won't count a penny against the cap. IOW his roster spot is far from secure.
IMO if the Rams think they can upgrade from Dixon they will. I don't know if that means the Rams will draft a punter in the 3rd, or the 7th, or sign a UDFA after the draft, or something else. But I do know that the Rams will move on from Dixon in a heartbeat if they think they can snag a better option.
AlbaNY_Ram