A positive about Threet's game that I haven't yet seen mentioned is his vision and awareness in the pocket. He seems to be demonstrating an ability that few quarterbacks have, which is to make minor movements behind the line of scrimmage that buy him the extra time he needs to heave a missile of random accuracy or pull it down and run for his life.
I can't vouch for his ability to find the open receiver, but sometimes it seems like he's got eyes in the back of his helmet. Maybe he's part bat and uses sonar, I don't know, but we wouldn't have won the Wisconsin game without this ability of his.
So take heart! All we need is for him to learn how to throw within a couple of weeks and develop some decent run blocking skills with the o-line and we'll have an offense that is mostly functional.