For starters, TB12 asked for Sanu and BB went out and got him. Then he got hurt and had no speed or separation after. That all happened after AB and Flash Gordon didn't work out. Granted, all those guys were brought in and not drafted.
That being said, BB gave a detailed explanation about not drafting WRs and/or not hitting on receivers in the draft in an interview recently. He explained that no college team comes close to the system NE runs and the demands they place on receivers. Essentially, each play is nothing but hot reads and guys need to instinctively be able to adjust multiple times while a play is developing to end up in the right spot. Because their offense is so complicated, BB said it really is next to impossible to figure out which college players will "get it" and fit in and which ones wont . . . which is why they prefer to pick up established receivers instead of drafting them. BB indicated they cared more about brains in a WR than speed, hands, size, etc.
Of course, some folks may say that is a cop out answer to cover up for poor drafting, but to an extent I think Bill is being open and forthright about trying to find a receiver. The best receiver they've drafted in his time with NE has been Edelman . . . a converted QB.
Their offensive system was developed in conjunction with Randy Moss when he came to the team, and the playbook expanded by like 5X-6X with all the stuff he got them to put together. That's part of the reason Moss and Brady did so well, as they both had the knowledge and understanding to make things work (and Welker got it too).
Having followed the team for years, I openly wonder if the offense has gotten too complex and if they would be better off either dumbing down the playbook for some receivers or only giving them a small fraction of the playbook and run those plays when they come into the game.
IMO, that's part of the issue with Cam playing QB after Brady. TB12 had everything down to a science and started getting angry that NE could not find guys to understand the offense. AB came in and the two clicked and Brady wanted him to stick around in the worst way and the team opted to cut him. I am not sure Newton can process everything to begin with, let alone have to make multiple reads in a matter of seconds. That's why ultimately I think NE will end up playing Jones (timeline TBD), as he is said to have a brain to handle a PhD level playbook.