The proper carriage sets the foundation for your throwing motion. A correct and consistent carriage will provide your QB the initial environment needed to produce a repeatable arm circle. Right handed QBs should carriage the ball comfortably on their right peck with elbows relaxed and pointed toward the ground.
You do not want the ball too close to the body, nor extended too far from the chest. A ball held too close to the chest will impede the initiation of the throwing motion (i.e. Check Point #2 Short Circle). Holding the ball too far away from the chest will cause balance issues and tend to draw your QB’s upper body toward their toes.