They have two choices:
1. Cut one or both (very not likely).
2. They immediately go on the 53 man roster.
How much more crap can the Saints take? Vilma and Smith will be far from football shape. They will most likely be de-activated for the Redskins game.
The best part is they will have to cut 2 players from their roster. This is 2 players that will now be available to all teams. What do you think the locker room will feel like after 2 of the players you just came to know were immediately cut. Maybe the Saints now have to cut an Offensive Lineman and Linebacker. They will be forced to activate for Sunday 2 players that they were not planning to do. Every little counts.
The players will be happy for Vilma and Smith but depressed for the 2 players who had to suddenly pack the Friday before their first game.