When I think of Franchise QB, I think of guys like the Mannings, Brees, Rodgers, Brady, Rivers, etc.. When I think of Alex Smith, Kirk Cousins, Sam Bradford, Ryan Fitzpatrick, Andy Dalton, etc., I think "Good QB".
When I think of Franchise QB, I don't think of guys you're not constantly looking to replace, I think of guys you'll do anything to keep. So understandably, there are different definitions of Franchise QB.
When I think of picking in the upper half of the first round, I'm looking for a Franchise QB.....somebody I'll go to any length to keep, not a good QB, somebody I'm not constantly looking to replace, though I may want to upgrade at some point in the near future.
And let's be honest. Sometimes that Franchise guy is not taken in the upper half of the first round or even the second round. Sometimes he's taken way down in the draft because he was under rated or surprised everybody. Brady, Bulger, Trent Green, Hassleback were all taken far down and they were guys who teams did a lot to keep. Brees, Favre, etc weren't even considered worthy of first round selection.