Teddy seemed like a promising young QB, but even when healthy had performed on an average level (still young). Plus, he had major knee surgery. I can't see throwing a young QB into a brand new offense coming off a catastrophic knee problem and hoping it works out better than Moore...plus having to give up picks for him.
The pick, in this situation, would be worth it as you get a proven QB on a 2 million a year contract for likely 2 years, while pocketing 8 figures for Landry or whoever.
Obviously injury stuff will play a factor, but if he is available for a day 3 pick and is cleared . . . i would have to cosign hoops in thinking that option opening up would be better than anything else we have seen.