On this same play, the TE was wide open with a capital W in the deep flat (entire secondary on his side of the field had collapsed into the endzone chasing receivers). He wouldn't have scored, but it was an easy throw and would he would have easily been able to get inside the 10 and get out of bounds, likely giving the Packers 2 more plays to score a TD.
I get that Love went for the HR on this throw and for his part, he made a good enough throw in an impossible window for it actually to be completed (Watson didn't come out of his break at full speed and it was just a bit out of sync). that's likely his primary read on the play and it had a shot - and if I remember correctly this was the play where the clock started running so it had to be snapped quickly. However, I think for him to get to the next level, Love's got to understand what the entire defense is going to do in coverage, know he's got an easy pitch and catch to the boundary that sets the team up for better chances at a TD throw, and make the easy play.