That doesn't mean that they won't add someone to cover for Walter's absence - even if that absence is only a week or two. This raises the obvious question of who's the odd man out if they do bring in a 5th WR. Doesn't it have to be one of the CB's? Carmichael would be my hunch - with the idea that if he makes it through waivers (which I think he would), he comes back on the PS and gets someone booted off of there (unless Maehl is the add to the 53 man roster).
I suppose Slaton is another possibility, but unless a trade offer they can't refuse comes along (highly unlikely), I still see them holding onto him until Arian proves he's back - and maybe for a little while after that.