To answer the original question: It's not that important. Do as the foriegn teams do - give the armband to the most senior player.
What I mean is he too could become a talismanic leader for us. As odious an individual as Terry is/was, that part of his character cannot really be denied. JV has those leadership qualities and he is a far better footballer. Ledley would have been but his knees robbed us of that, at least on a regular enough basis.