Young won't, but Denny would pass on Cutler. A rook with not a ton of upside has no value to Denny--he'd rather take a position player. If Denny's going to make a guy sit for a year or two, he's going to be sure the guy has the potential to be the best QB in the NFL once he's ready (like Daunte). Not some middle of the road guy who doesn't have anything that sets him apart (and you can't argue that there's anything particularly special about Jay Cutler, because there isn't).
The only blue-chip quarterback in this draft is Matt Leinart. It would be way funny if Brees had to compete with another rookie after leaving San Diego.
As for AZFinest's defense of Cutler, I'd beg to differ with all three points. Cutler's two inches shorter than Young, hasn't been exposed to a pro-style offense, either, and while he has a strong arm (the most overrated aspect of QB workouts), his throwing sequence is a mess. He'll easily take as much development as Vince Young in this area. So Cutler lost a lot of games in the SEC, and Young won a lot of games in a watered-down Big 12. Eli Manning managed to win some games with horrible talent at Ole Miss, but Cutler wasn't even able to get his offense rolling against that competition in the SEC. 6 points against LSU? 15 against Middle Tennessee State (26 of 44, 5.6 YPA, 1 TD, 1 INT)!? Yeah, he put up a good game against Tennessee, but it's not like the Vols were playing for anything but pride in that game, either. The Vols ended up 7th in the SEC. That game seems real meaningful.
Everything but his accuracy and his dropback make him an elite prospect. How is this different than Vince Young again?