Overrated is the term I would use to describe him. He throws well when not under pressure, he has some good receivers that have bailed him out a few times, but he just isn't consistent enough to be anything more than the next Michael Vick (2012 Vick). He was getting hyped up because people thought he would be the Heisman, while the most likely Heisman winner, Colin Klein, is quietly having a much better season. Klein is a Senior, and I expect him to be a 2nd or 3rd round pick, but he might be a late first. Klein is exactly what I hope Johnny Manziel becomes over time, a smart QB who doesn't force the ball, one who reads routes progressively, a patient runner, and the kind of guy that anticipates WRs getting open. He looks pretty good, and could become an NFL QB if given a couple years to develop on the depth chart. If nothing else, he would be an excellent wildcat QB.
