Assuming we grab someone to add to the receiver corp we will have a respectable top 4. Fasano, while a good player, doesn't fit into our new scheme and would be better suited into a 2 TE offense. Clay is a number 2 TE/H-back/Back up fullback and he is what he as a roll player. Egnew has yet to show anything as well. At A&M Sherman was a big fan of using 4 wide and Philbin actually used Finley in the slot or out wide more often than he did on the line. The only reason Philbin uses a tight end over another wide receiver seems to be the added versatility (and in our case because Fasano was better than anyone not named Bess, Hartline, or Bush at pass catching).
One other thing to consider is that it would mean our running back would have to block more often. Bush, if he returns, is a sub par blocker who is better off running routes on pass plays than staying in to block. Thomas is a decently good blocker, isn't that why we drafted him? Miller had the knock on him coming out of college that he is bad at blocking and receiving. Lane would be interesting and could see time if Bush leaves in the same way the Broncos were using Hester.