The problem with Nate and the problem with not throwing the deep ball and more importantly the deep out WITH sufficient oomph is twofold: 1) Those passes that were completions in college are incompletions or interceptions in the NFL. And 2) Without the threat to throw those passes hard enough, every defensive back on the field can cheat up, and much, much more easily take away those 10-15 yard completions you're talking about. Peterman has not shown the ability one time in the four games. Not once.
That doesn't mean he is incapable but he hasn't shown any ability to do it yet. If he can, he could be good. If he can't, he will never be a good starter. The reason he went in the fifth round is the rag arm. Otherwise he goes much, much higher because he has so much going for him otherwise, which has been on display.