This is classic Russell Wilson.
[twitter.com]

This play has 2 man beaters... one at the top and then 1:1 at the bottom.
Russell is focused on the bottom receiver, most likely because he sees 1:1 and then he thinks the Safety is going to help on the outside receiver who is going to swing in with the help of a rub route.

However, this is why Russell is overrated. He doesn't think that he can look off the Safety. He waits for the play to develop instead of going after the timing pass.
So the bottom receiver runs a horrible route given where the CB is playing. Should have audibled to a quick slant instead if Russell was just intent on going to that direction.

You'll notice that the top receiver is wide open is only Russell looked off the safety and then came right back to that receiver.
My guess is that Option 1 was that top receiver.. and this is why coaches are just frustrated with Russell.