With Sheppard and Sheldon Brown both signed and figured on to be the starting corners and William James horning in on Hood's role as the Nickel Back, it's very likely that Hood will want to look for more playing time elsewhere. The Eagles could wish him well, knowing that they've got Joselio Hanson, who they also like, waiting in the wings. It may come down to deciding between James and Hood, but James could have an edge since he's the tallest of the secondary members and the Eagles like how they can match him up against some of the taller receivers in the league since they need some heighth.
Hood has actually been a fairly important part of the Eagles' secondary and the Eagles letting him go wouldn't be because they were disappointed in him. In fact, it's more likely that it will be Hood who ultimately decides to go elsewhere unless the Eagles find a way of clearing room for him to get an increase in playing time.
The bottom line: Don't look for Hood to be back. Hood won't be the most attractive cornerback that's on the free agent market, but there will be some interest in him. It also isn't likely to be simply about the money, since Hood values playing time and it only stands to reason that the money will come with it. It's not likely that the Eagles will be able to come up with a plan where Hood gets more playing time, but if James were to go elsewhere, knowing how injury prone Sheppard has been, the Eagles might be able to at least give Hood his Nickel Back spot. Odds are though that Hood will be playing in a different city next season.