A couple older names:
Remember Don MacPherson, runner up in the Heisman in the 80's for the Orangemen, and drafted by the Eagles??? Either first round or early second round, I don't think he did too much...
Chuck Long -highed touted passer out of Iowa did NOTHING in the NFL-first rounder, near the top
How about any number of Big Eight Nebraska or Oklahoma quarterbacks running the Wishbone in the 80's??...great teams but it was assumed that the QB's were great also. I don't know if Jamelle Holloway was ever drafted but he was big stuff for a couple of years.
Some good names thrown around in this thread!