Valkrionn
The Hamster King
One problem with calling the Octopus Overlords the Old Ones is that they are not actually very old. Although Kael won't share all of the details, most of the evidence points to them being the creations of the dreams of Hemah, who is himself the creation of a dream of Danalin which is made into a nightmare by the influence of the whispering Hastur. They are not under the control of any god, but ultimately arise from the subconscious of the God of Water. They are certainly not as ancient as the gods, archangels, or Mankind. They probably did not exist until the current age, and are younger than many mortal main characters still living in Erebus.
On the other hand, their followers are crazy, and don't understand history nearly well enough to know how young their old ones are.
I'm aware. It's actually one of the reasons that I like the name.
One thing though: I'm more of the opinion that Hemah is actually Danalin, or at least some part of him, rather than a figment of his dream.