I don't follow draft history like some of you people do, but back when I had more grey matter devoted to this stuff, the "Big QB Draft to end all Drafts" was 1983 when 6 QBs went in the 1st round, to each of the 5 AFC East teams and K.C.
#1 Baltimore Colts - Elway
#7 Kansas City - Todd Blackledge
#14 Buffalo - Kelly
#15 New England - Tony Eason
#24 New York - Ken O'Brien
#27 Miami - Marino
Lesson: If the Bills are going to bundle a crap-ton of picks to move up, as they said in Indiana Jones and the Last Crusade, "choose wisely". There was a 50% hit rate on franchise QBs, and it definitely wasn't in the order taken.
Bills need to draft a legit starting caliber QB. They also need to fill other significant gaps / upgrade deficiencies.
Bills have a history of (wasting) extra picks on QBs (J.P. Losman, I'm sure there are others) and it completely backfiring. I'm sure the Bills are not alone in that regard, but they sure have bent themselves over a couple times by doing that
I don't know what the right decision is regarding the risk of moving up vs. drafting additional players at other positions. But I argue it's a critical decision given the status of the franchise, possibly the most critical decision since... (you pick one). I don't expect the 1st round draft decision to dramatically improve BUF next season (i.e., dethrone New England for the division). Given the commitment I expect the Bills will have to McDermott, and the quality of the young secondary they are capable of fielding now, it's vital they not error on draft picks.
Whomever is drafted at QB should not be viewed as a starter for next season. Nor should Peterman be. The Bills have scant knowledge what Peterman will be at the NFL level. Peterman could be successful eventually, or he could (continue to) be hot garbage. For 2018 that means exercising the option on Taylor, or picking up Alex Smith as another poster suggested.
Factoring in both the Bills O-line and receivers who can't get separation, if the Bills are starting most any QB other than Taylor or Alex Smith, expect double-to-triple the number of interceptions, and the associated opponent's points-off-turnover from that.
And Dennison needs to go, regardless. Someone better will shake loose.
Another reality is with parity in the league and the incompetency of both the on-field officiating and the video review processes, it's a given that if you're an "average quality" team, somewhere between 6-10 and 10-6 record, you will have a couple games each year decided by the officials. Until the Bills have enough talent to overcome that handicap, they should expect that as a matter of course (crappy officiating deciding a couple games). Maybe one year, it goes in their favor. But you need to be a high-caliber team </= 4 losses, or pathetically bad <6 wins, to not have officiating impact your record & standing.