Here's some interesting reading. BTW, Geno Smith finished 4th in his comparison...
Using the QB Score to Rank College Quarterbacks' Efficiency in 2011

Quote:There is no shortage of available methods for rating and comparing quarterbacks. The traditional quarterback efficiency rating has seen its fair share of criticism. The most common complaints about the quarterback efficiency rating are that it places too much emphasis on completion percentages and touchdowns and not enough emphasis on yardage gained. Worse yet, the measure does not take into account yards gained (or lost) on the ground, masking the effectiveness of QBs who run well or avoid sacks. While quarterbacks like Russell Wilson thrive under the traditional efficiency rating, prolific runners like Robert Griffin III become underrated (unless you happen to be a brilliant passer, like Robert Griffin III).

Sports economist and Utah State professor David Berri created an alternative formula that addresses some of the common criticisms lobbed at the passer efficiency rating. Berri calls his measure the QB Score and it looks like this:

QB Score = Total Yards - (3 x Plays) - (50 x Turnovers)

The traditional passer efficiency rating tends to take on a "more is better" approach: if players throw a bunch of TDs and hundreds of yards, they can get away with a fairly high turnover rate. Berri's measure has a different philosophy: if you generate yards and avoid turnovers, you will be rewarded. As we will see, comparing the two is an interesting endeavor.

My only issue with this formula is that is favors scrambling qb's over drop back passers. Drop back qb's will generally have less yards for getting sacked alot while scamblers will gain more from running. I would tweak it to look at only passing yards, passing attempts and interceptions.

But being a stat guy, that is a really cool find.

I kind of agree with using running yardage as well as passing yardage when evaluating QBs. It doesn't matter how the QB gets the ball down the field, as long as it results in some kind of score. Whether it's a 80 yard TD pass or an 80 yard TD run, they both count for 6 points, with an opportunity for 1 or 2 more points after the TD. If the QB is responsible for running it for the score, it should be credited to his rating as a QB. Currently it isn't...

Look at the other side of the coin. How many drives have been killed because of a key sack putting the team in long down situations, where a defense is able to attack pretty much with impunity?

There's a lot more to being a QB than just passing the ball down the field. Any truly accurate rating for QBs should assess all the factors involved...