First, the fact that Belichick loves it and Zolak hates it means it will probably work out quite well for the team.
The Pats did not have enough assets to trade for a top tier QB, and the draft assets needed to get a mid-tier QB (Garropolo) or worse (Mariotta) really should be used to boost up other spots on the roster. It's also been noted many times that the free agent QB class is looking very weak.
So, this is a low risk move, as it still allows the Pats to find their QB of the future in the draft (don't understand the argument that it does not). And if someone becomes unexpectedly available in the next few months, they can still make a move. As for Stidham, he's probably done here, but there's no upside of cutting him prior to training camp, so expect him to compete for a backup position.
It seems like the downside here is another 7-9 or 8-8 season. But it's not in Belichick's genes to tank either, and tanking does not really work in the NFL anyway.