If I'm Cleveland I'm not using that pick on Watson, as good as Watson is. Trade down on the first pick (they still hold the 10th), stock up on talent, and draft a QB in the second round or acquire one via trade (not Romo). They aren't going to be very good again next year and Watson will get killed as a rookie. I think he is better than RG3 but don't want to see him get injured and fade into obscurity like he did. I'd focus on defense and grab a few elite pass rushers and a top safety, fortify the O line. Draft a QB in the first round once the D is solid and you have a line and multiple playmakers with which to work with.
I think the team that needs to make a big play for that #1 spot is Houston. I don't think they would have enough to do it but I think he is the missing piece for that team to be a legit championship contender.