This is what my idea is trying to accomplish only with a visual element to aid you.
Don't get too caught up with how it looks, it could easy be made smaller and blend in more with the madden theme. It's not meant to change how you play now in terms of speed, only to give you more freedom with your passes and make it a bit more realistic.
Anyone who has used the kicking meter on all madden knows how fast that can go. If you can react in time for that, you will have no trouble reacting in time with this.
If done correctly, it shouldn't change the speed of the game or allow more sacks. In fact, since I have reversed the button holding mechanics, a quick button press may help you avoid more sacks in the future.
This could be cool but way more complicated. Also, how do you choose your receiver? Do you press a button, then go to the right thumb stick? what if I'm throwing on the run?
My idea is not meant to be the a perfect solution. Just an easy one that I would think could be easily implemented within one development cycle.