If you are wanting to hack and mod your Galaxy S5 for now you will need to purchase the Developer edition as there is currently not so much as root for the consumer variant. Even with a developer edition phone it is always nice to have a safety net before rooting or flashing aftermarket software. Developer "das7982" has released what he is calling a "Flashable Rescue Package". This includes a data dump backup of all the important partitions needed to rescue your phone minus the bootloader. It also includes an Odin Flashable tar for flashing in case you land yourself in a bootloop or your phone ends up in a bricked state. The Odin file contains a stock rooted system, stock boot image, and TWRP custom recovery. To flash you would unpack the Odin file, flash it under PDA section in Odin, then boot into TWRP and wipe cache. Once rebooted you will be good to go. All downloads and full instructions can be found at the link below.
Via XDA