I would drop him for now and pick up the next best thing on the waiver wire. Or you could try and trade him to someone that's willing to wait. You might have to settle for less value than usual, but maybe you can still get something back that's better than who's on waivers.
How about you post some of the better players that are Free Agents in your league and then we can help you decided who to replace him with.
"Should I drop him and go for the mediocre peeps in Free Agents?"
ummm...in any other league, he would already be one of those mediocre peeps (he's available in all 5 of my leagues for a reason). he's definitely nothing special to be waiting around on. drop him and pick up someone similar and don't look back.