Lee Jackson Beauregard said:
There hasn't been a major innovation since the invention of the forward pass in 1906. No one would be nearly intrepid enough to run this -- unless everybody else started doing so.
This might work in a H.S. league where you can confuse the hell out of an unprepared or weak defense, but there is a reason why no one has ever done anything like this as a base formation at the high college and pro levels. You are direct snapping the ball to someone without any protection. It's either a snap and throw the ball in less than 2 seconds or a naked bootleg -- that you are announcing in advance.
If I saw this formation, I'd stack the line with a five or six-man pass rush -- which is going to steamroll those two tight ends and the spare back every time and take my chances with the rest of my defenders playing the underneath zones to cover whatever five receivers they send out. You don't really need any safeties, because there is no way the quarterback is getting off anything but a short pass before he gets planted into the turf. This could work as a trick formation every now and then, but a steady diet of it against a coach who knows what he is doing would be ugly beyond belief.
EDIT: Once they got use to that pass rush, I'd just turn the tables. I'd mix it up with blitzes so they can't even figure out where the rush is coming from and drop back guys they aren't expecting into those under zones. This would be ridiculously easy to defend if you have the players.