I think it's fair to say it's a difficult situation.
Kouta's a great player but as a captain has been about as inspirational as something not very inspirational.
Stevens could be okay but doesn't "radiate blueness"

and isn't genuinely inspirational from where I'm sitting. He'd be a choice based more on a lack of better options than an inspired decision. Looks like a stop-gap to me.
Lance - now that's funny...

Why would you make a guy who's been at loggerheads with the club over salary and fitness issues for some years your captain?
Thornton will make a great VC or DVC at some point but loses it too often to be the captain of the club for mine and is under enough pressure down back as it is.
Waite's the obvious choice at this stage but not yet. Everybody loves him, the nature of his style of play means he can play the sort of role that inspires those around him (when he does it more regularly) and he's Carlton from conception (thank-you Vin).
Problem is the club's right not to go that way at this stage. He's still finding his feet but if in 2006 he turns it on regularly then I'd love to see some faith placed in him and set the club on a course for a long term under one leader.
Keeping Kouta on for one more season as captain is probably the right decision at this stage. If you appoint Stevens and then Waite stamps his mark on the football world in 2006 you can hardly take it away from Stevens even though it may have become apparent he's only keeping the seat warm for Waite.
If Waite does take the next step in 2006 then it should be his in 2007. If not then Stevens will make a good temporary captain for a while until someone else puts their hand up.