Jerry screwed up royally trading for this bust. Cowboys could have used that 4th round draft pick on a much more important position in need.
This wasn't the worst idea, trying to acquire a young QB.
It was however completely unnecessary, and he overpaid. Teams were offering the standard 6th round pick for Lance and a 7th round pick (basically a half round upgrade on Day 3) and then Jerry comes in with a 4th round pick. Not conditional, a straight up 4th rounder for a guy not likley to play for you this season.
Not to mention, he didn't even bother talking to the Head Coach about it.
Also, the whole thing about getting four years of affordable quarterback play only really applies when you actually get all four years, and he is starting for you. It allows you to spend money on the surrounding cast. Makes zero sense for your third string quarterback though. The cap hit is only $940k this year, but next year jumps to $6.25M. You also must make the decision on the 5th year option now.
This is the issue with "Jerry the GM." He just sees a kid who he remembers being the third overall pick just a few years ago. Do you think Jerry spent time looking at Lance's film from the last few years?