Actually he wasn't highly touted at all in 2013, hence why he went in the 4th round in a very bad 2013 QB class. In 2011 he was projected to be the #1 overall pick in the 2012 draft, he elected not to come out that year and decided to go back to school, that year he was highly touted. His stock fell pretty dramatically before the 2013 draft, he had some very average/poor performances in the 2012 season and then he injured his shoulder. The problem was/is, much like Peterman, the arm strength just wasn't/isn't there. He floats a lot of his long throws, that hang in the air.
Could he be successful in a WC quick read/throw type offense, possibly. The problem is he needs the players around him to succeed.