You have an "employment at will" agreement with Cisco, assuming you are in the US. It is NOT illegal for you to update your resume and social network profile, start reaching out to friends and family regarding opportunities. It WOULD be ideal for you that if you are LR'd and get the payout, that you are THEN prepared to move straight into another company if that is your desire in an LR scenario. If your procrastinating and not putting energy into this plan, then you should take evaluate your priorities. IMHO
What @ObCyyor-2dpc said. Do not wait for the last possible moment and hope you will be offered something to tide you over. If you wait, you can find yourself in a position with no job and no payout, AND no prospects for a new job.