My expectations of him would be the same expectations of any player worthy of the first overall pick: that he would eventual be one of the best players in the national football league.
Expecting Luck to take us to the Superbowl is a reach? What do you think first overall picks are for? What do you think the Colts expected from Peyton Manning, the Giants expected from Eli Manning, the Lions expected from Matthew Stafford, the Rams expected from Sam Bradford, when they were drafted? To not win a championship?
No team is perfect but good quarterback play covers up the lack of talent in other areas. The Packers and Steelers had offensive lines in sad shape when they won their recent Superbowls. Saints do not have a consistent pass rusher(instead relying on exotic blitz schemes and aggressive defenders) yet they won.
If we have a chance to draft Andrew Luck, you have to take it. For the second time in 5 years we are struggling to win a single game. Thats on the quarterback. We just saw what happens when you do not have one but pass on one for another talented player. Jake Long is having a hall of fame career....yet we still cant win games. If this Miami team is "incomplete" then a great place to start is quarterback.
If we take Andrew Luck, i expect immediate results. I expect him to make us a Superbowl contender within 3 years. I expect him to be in dicussion for the best quarterback in the NFL in 5 years. And no, i would not be content if he is just a pro-bowler. But then again, if he is hitting the pro-bowl consistently, then all those things i mentioned should be in reach.
If we take Matt Barkley, i have those same expectations for him that i do Luck. Why? Because he will be a top pick also and thats what i expect from top 5 draft picks.