I agree with Schefter and English on this one. Last offseason, 2 teams were luke warm on Flynn and both teams actually allowed Flynn to leave without an offer. Miami, in fact, had his former coach who had an empty QB situation for his new gig. If Flynn was such a dynamo, I'm not terribly sure why a new HC would pin his hopes on a really raw 1st rounder, when he could have signed "his guy" for relatively cheap.
Now, I'm not saying Flynn is bad, but I think it's important to recognize that he's not exactly young, and he was already on the market and didn't cost any team draft capital. If we get a 4th or 5th rounder, I'd be inclined to pull the trigger and find a backup that better matches up with RWs skill set. IMO, there's a better chance of Flynn being cut, then there is a of getting a good draft pick for him (think R3-5).
Regarding this year's QB draft, it's not top heavy with sure fire studs a la Luck/RGIII (most year's never are), but there are some very nice options for teams in the first few rounds. The unfortunate part about the draft in general, is that it's very easy to lean on hindsight. If Aaron Rodgers/Matt Ryan/etc were such no brainers with no question marks, they go #1 overall. However, after they turn out to be studs, it's easy to simply say "well there's no Aaron Rodgers in this draft," when in fact, Rodgers obviously had enough perceived flaws that allowed him to fall. Best example of all is our own RW. So, there might not be Peyton Manning Jr available, but there are several QBs who bring something very nice to the table.