Does anyone know for sure? When you are rescinding a schly (Cutting a player),  does it have to be done after the 2 o'clock cycle to be effective at 5 pm or can it be done at the 5 o'clock cycle to be effective  at 8 pm (Signings)? In other words, when is the latest you can cut a player and have the new recruit sign at 8 pm?

I've never asked that question but, from reading the FAQ, I'd say you could cut a player at 5 p.m.  

"Yes, a player's scholarship can be rescinded anytime after the conclusion of the job change period and prior to signings starting during the following recruiting period. Note that you must have seasons remaining on your account before you can rescind a scholarship. Simply click on 'rescind scholarship' next to the player's name in the coach's office.

Keep in mind, that rescinding a scholarship of a player that you signed for no fault of the player may make recruiting for your school more difficult in the future as no kid will want to play at a program which isn't loyal to it's players. You do not receive any additional recruiting money when you rescind a scholarship. Also, cutting a player could cause other players to leave as well."

If another player leaves does it happen immediately?

you can cut a player up until signings.  So until 8PM.  The player is cut immediately, but won't show up on the recruiting search list until the the beginning of the next cycle.  S if you cut him at 5:01, I believe people will be able to see that you cut the player, but he nobody else can recruit him until 8.

I meant if another player you didn't cut leaves in protest. Don't want him telling me after recruiting.