Three offenses worse than the Bills:
Tampa, Arizona, Baltimore right off the top of my head - however, your point is valid. I still feel that even if DB and EM have declined precipitously, there's still enough of a running game to improve the offense and play the low-risk, field postition game that the Bills want to do. It's running an offense with training wheels, but the reality is that the Bills don't want their O to lose games for them.
My beef would have been that you could have done that with another QB who would have been much more cap-friendly until Losman was ready.