Name a starting QB who was drafted later than the 3rd round apart from Brady.
They have much bigger needs.
The odds of finding a capable QB in the later rounds (really anything after the first) is incredibly remote. I wish I had the number of QBs drafted 3rd round and later in the last lets say 10 or so years. Bet it's 60+ guys. So 2 out of 60... Giants could end up drafting 30 QBs in the later rounds before finding one who is capable of starting. That's a pretty big waste
No, pickup "projects" in the late rounds, guys who have talent who are raw or have minor character issues that cause them to drop
This teams goes as Eli goes. If he has another not so good year they are in trouble. If he was unable to play they are in trouble. A let round pick will most likely help nothing unless they drafted the next Tom Brady.