He's been out since having back surgery following minicamp.
Obviously, we can't say what his standing would be if he had been in the field with the Titans since the start of camp. But it's hard to see him outranking any of the team's current top five.
That group is: Kenny Britt, Nate Washington, Kendall Wright, Damian Williams and Justin Hunter. Michael Preston is making a strong bid to be kept as a sixth option. And if Marc Mariani, out with a shoulder injury, sticks as the return man, he too is a receiver.
There is no room for Walter right now.
The window for him to emerge off PUP starts after Week 6 of the regular season.
Who knows what sort of shape the Titans will be in at receiver then? At worst for Walter, they are in the same shape, playing well and he's not needed then either. Then he'd get a look for a couple weeks and be put on IR or they'd cut him.
At best for Walter -- not that he'd be rooting for an injury or a failure -- someone will be hurt or have underachieved and they'll be a need for him.
There isn't that need right now.