There are certainly receivers like Holt & Galloway who didn't do shit. Holt pretty much quit on his own (mentioned that the system was too much to pick up), and Galloway was, well, Galloway. And we all know how OchoCinco turned out -- he probably ran more wrong plays than any full-time WR I can remember.
Then there are players like Austin Collie, who does just enough to warrant a roster spot for a few games.
I think the way Wayne can run the routes separates him from the Holt/Galloway/Ocho group. Even if he has lost a full step, he'll be a 4th option going against a slot CB.
However, that means the WR picture gets even crowded. I have Dobson (injuries), Boyce (AAAA player on his second legs), and Tyms (injuries) all not making the team. That leaves:
Edelman
LaFell
Amendola
Harper
Slater
Wayne???
The wildcard could be Cadet, if he can ever get himself on the field. He can line out wide, and could fill a niche that lot of us envisioned when he first signed.
Wayne could be gone in just a few days, but the respect BB gives to guys like him means if he is actually signed (and passes the physical), then he may stick around for a while and given a long opportunity.