Agree with your answer that he is not currently on the roster.
I just hope fans aren't quick to judge whoever Ted brings in. We do not need a pure pass-rushing OLB - in Capers 3-4 system, a pass-rush specialist opposite Clay would mean less opportunities for Clay to rush.
We need a player who can get some havoc when called upon to pass-rush, but who just as importantly can set a good edge against the run and is athletic enough to drop in zones and get into passing lanes.
Honestly, we pretty much need a more consistent Erik Walden type of player. Ideally you get an upgrade from Walden (a bit more talent in the way of improved speed and athletic prowess would be great, and more disciplined is a must), but a more consistent Erik Walden could work reasonably fine also.
So while I think the long-term solution is not on the roster, if there is any player who could be it, it's Walden. Perhaps an off-season program does wonders for him... he does bring the overall skill set we could use opposite Clay.
The NFL: Where Greg Jennings Happens.