Notice all 4 of those defenders in the underneath zone are all within 5 yds of the LOS. It looks like Newton is going to go to the man in flat, which would be the read there, but with everyone facing the play, and within easy closing distance, given the time the ball takes to be delivered, and the back get his vision squared around and begin getting upfield, those underneath guys will have closed on him very quickly.
I think what you have to do against that look is occupy one side with 3 receivers, send 1 deep, and one on a post or skinny post, then drag that back or TE behind that action to the outside. Anything inside, or short will be eaten alive if you don't find a way to occupy or misdirect those underneath zone defenders.