It's not that Ted "sucks", Creative just haven't really given him anything he can work well with. Look at Cody: Ted shone far brighter than he did in Legacy, even to the point where i thought Cody would never be able to redeem any momentum and would be stuck in the undercards for years after Legacy disbanded. I never thought he would work as a heel on his own, but now that he has the "Dashing" gimmick he's found something that just works for him and is one of the best things on Smackdown.
As for Ted, he hasn't found that opportunity yet. Since Legacy he was given his father's gimmick which Creative automatically assumed would just work with him as well, which is just laziness on their part. Then he was with Maryse, who seemed more focused on simply getting herself over, not to mention that they just never had chemistry yet Ted was stuck with her for the better part of 2010 while his momentum continued to plummet.
I still have plenty of faith in Ted. However its going to take an awful lot of work for him to regain his credibility after Creatives incredible misshandling of him last year. And, as i mentioned, Creative need to give him something he can actually work with. Screw the Million Dollar Man gimmick and managers and shit. Just let him re-invent himself and let him rely on his own charisma to get himself over.
As for Swagger... Again, we know he's got the goods, but it seems pretty much everyone on Smackdown who isn't a veteran are just being treated horribly (even The Corre are losing momentum). The report just seems dodgy anyway as others have pointed out. Swagger sorted out his ego thing, but other than that i can't imagine what Jack and Ted have done to warrant heat.
It's been said many times and for a long time, but Creative need a big kick in the ass. It's as if Nexus are their only priority, and anyone else (bar a few exceptions) are losing momentum and not really going anywhere.