Here is my issue with it - he is using a subjective "eye test" to decide personally what "looks like" a good pass to him, and giving it a grade. Now, he may have no skin in the game and will rank QBs evenly based on the throw and not the thrower, but if he doesn't prefer a certain style of pass, it will hinder the scoring for that QB. Using an efficiency rating (where Nichols is at 120.7 and #1 in the league for QBs with more than 50 pass attempts, and only behind Arbuckle for QBs with more than 6 attempts) incorporates raw data like completion percentage, TD/interception ratio, yards per pass and yards per attempt to determine a more objective number that more properly ranks QBs equally for the metric it tries to define.
Streveler rates higher, and Nichols should rate highly because they use a short passing game with lots of short passes to the running backs, and those should be easier to throw than than crossing route into a seam between multiple defenders. But looking at some of the examples of what Ferguson grades his passes on, he seems to like the deeper downfield throws.
As an example, Mike Reilly likes to throw up the jump ball passes and let his tall receivers out-duel the shorter defensive backs on what we call "50/50 balls". But it's easy to say that the pass is accurate, because it is not behind there receiver or low, which he likes to pick on. And how many times do we see a receiver change their running pace to "slow down" or adjust to the ball in the air, to be able to speed up and the last moment to gain separation form the defender or catch the ball in stride. That may translate into an accurate pass, but how much of that is on the QB hitting the target perfectly and how much is on the receiver adjusting to the ball in flight to "move the target" and meet the ball? YAC yards seems to be a big thing based on Ferguson's "eye test" metric (because to him the perfect pass is hitting the receiver in stride so they don't have to change their route).
I think of 3 passes in particular Nichols threw in the last game, two I believe came on the drive where Hardrick took the roughing penalty, that would be subject to a low grade but in my mind were put exactly where Nichols wanted them to be. The first pass was a sideline throw to Darvin Adams for about a 25 yard gain on 2nd and 10, where Adams made a great leaping catch. That would rank low on the rating scale because Adams had to adjust to the high wide ball and made no YAC yards, might score a 1 or 2. But Nichols put the ball where no other player was going to be able to make a play on it, so if Adams doesn't make the catch it falls incomplete out of bounds, and maybe Nichols trusts that Adams can make the high catch, so puts it up there for him rather than risking hitting him in stride down the sideline where a defender might step in front of it for an INT. Much safer than a Mike Reilly rainbow toss 40 yards down the middle of the field into double coverage where Duke Williams out jumps the corner and the safety, but the throw could be more "accurate" since it hits the target zone, but could be picked off more easily if not for the athleticism of his receiver. That to me is a flaw in the judgment system Ferguson employs.
The second pass was to Drew Wolitarsky. Nichols threw a dart over the middle that Wolitarsky went down to the turf to catch. Will score maybe at best a 2 because the receiver got zero YAC yards and had to go low to scoop the ball off the turf. But looked at another way, Nichols again puts the ball where only his receiver can make a play on it, threading a needle with defenders close by. And it went for 9 yards when the Bombers needed 8 for a first down. To me that is a perfectly placed ball, but according to Ferguson's video examples, that would be a bad pass. Wolitarsky makes a very nice catch, but was it a bad throw he had to go down for, or was it meant to be a low pass designed for Drew to go low and secure the first down with zero risk of interception if he can't squeeze it?
The last throw was the called back TD to Adams. Could score high because Nichols led the receiver and hit him in stride, or could score low because it was "too far in front" of Adams, and only the brilliant one-handed catch saves the off-target throw. Who, other than Ferguson, can say? Or does it even count because the penalty wiped out the pass altogether?
So it might be a nice idea, but unless Ferguson wants to justify his scoring on every pass publicly, all he is doing is assigning his own subjective ranking system of what in his mind makes a good pass, with no real consistent real raw data to validate his opinions.