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I feel like Milroe is a lot like RG3 except RG3 was a batter passer at this point in their careers. IMO, Milroe’s game is based off his legs and less on his ability to read defenses and progress through his receivers. If something were to happen to his legs, knees, ankle, etc; I feel like his career would be just like RG3, done. To me that’s the scary part about running QB’s is they tend to lean/focus their game to their leg ability and not their mental ability, and it hurts them in the long run. Then again he may never get hurt and have a similar career to Jackson, Newton, Vick, etc.
The thing is that with all the spread, RPO, and read options offenses that are run in college these days you have the same questions about reading defenses and progressing through receivers with every QB that comes out. The same can certainly be said about Cam Ward, Dart, and several other QBs in this draft. So, it's always going to be about projection and how hard you think the player will work outside of the very few that played in a pro-style offense.
Milroe has a long way to go to become even a solid pocket passer in an NFL passing attack. But, I do think he has the work ethic to get there. And until he does, you can incorporate a lot of spread concepts, RPOs, and Read Options to make him feel more comfortable while you work on making him better in the pocket.
I don't know if he's ever going to get there and he's a big risk/big reward guy. But, I'd personally take a shot with him at 40 or trading up in the lower first. He would need to sit for a year and then be brought along slowly, but he has some skills that can help you win games in the meantime.
But, all that is contingent on if Kellen Moore thinks he can work with him to make him a good enough pocket passer that in combination with his other skills will make him a great QB.