The Bolts traded up the Draft to select the former Notre Dame player with the 38th overall pick.
In a conference call with season ticket holders, the general manager said: "He has the capability of being a three-down linebacker in this league, we'll see if that takes place this year.
"Third down is a very complicated down. So we'll see how that plays out. If it's this year, it's this year. If it's next year, it's next year."
Te'o was the runner-up for the 2012 Heisman Trophy.