Option #3: Open competition with Tyrod Taylor vs. Cam Newton or Jameis Winston
This situation probably involves the Chargers skipping on a quarterback, but there’s probably enough cap space to have Herbert or Love on the roster along with Taylor and a veteran quarterback. The Chargers have been a pretty heavy betting favorite to sign Cam Newton in recent weeks. If he’s close to 100%, he could try to win the starting job outright.
Newton’s health and decline are the red flags for me in this idea, but if he is on a one year prove it type deal, there’s not a lot to worry about for the Chargers. Another quarterback looking for a chance at a starting gig is Jameis Winston. NFL coaches around the league see the number of interceptions he threw last year as too risky and inefficient. If Anthony Lynn wants to take on a fairly low-risk challenge, it’s not the worst idea.
If either Newton or Winston fails, the team still has Taylor as a serviceable quarterback. An open competition could get the best results out of whoever wins the competition. While it might be unlikely, the Chargers could still draft a quarterback in this situation. If the season goes sideways, Herbert or Love could still get in.
Personally, my belief is that Taylor is better than Newton or Winston at this stage. Winston’s interception problem doesn’t seem particularly fixable and Newton’s injury history is too much at this point. However, making Taylor earn the job could improve his relationship with the team and coaches. It’s also still plausible to add a rookie quarterback in this situation.