Russell is not even worth being called a bust yet I think. Everyone must acknowledge the terrible situation he is in Oakland and that is a huge reason for why his development is not on track. With a terrible organization that signs Kwame Harris to play LT, signs Javon Walker, you really can't expect him to put up numbers worthwhile.
Despite that though, I think Russell is not a terrible QB. He has shown his share of flashes, especially considering the situation he is in. Some of his TD passes are ridiculous and every once in a while he makes throws that make your jaw drop (his first TD throw made me do that. he rolled out of the pocket and zipped the ball downfield 40 yards to a yard above the ground where only his guy could get it). If he can get consistency around him (what happened to the running game?), he can still definitely pan out.
He also needs to look downfield more. During the Falcons game, he had 6 completions. Five out of the six completions went to either a RB or TE. He needs to look for his WRs more and throw downfield a bit more.
Once again, I would love to be the GM of Oakland. Sign some big guys for guards and RT. With the first pick, draft Eugene Monroe, or another top rated pass blocker. Franchise Asomugha and trade him for 2 firsts or something. Fire Rob Ryan.
It would be fun.
He's the leader of the next great class of NFL players."
- John Elway on Matt Ryan