Ted would have to know there are at least two teams out there chomping at the bit for this guy. If there were only one there isn't much leverage for us holding a player everybody and their brother knows we don't want to keep.
The leverage would come from having absolute certainty there are multiple teams that will call.
This would almost take a separate board in itself. Ted's team would have to track how many other QB's were selected, how many QB needy teams are left, AND, what picks do these teams have remaining that would make this a good deal for the Packers.
If Manziel is still sitting there it probably means there was not a run on QBs. If other projected 1st rounders are also still around then this is an easy decision. PASS.
If Manziel is passed over for two or three other QB's you would really have to know what the remaining QB needy teams feel about him.
The QB position has such a high failure rate anyhow I wouldn't bother messing with that position until it became absolutely necessary. The odds are just as good Ted finds a QB later on in one of the next few drafts that has the "it" factor they can groom for down the road.
"The train is leaving the station."