Grain yield and protein content are traits of major importance in wheat breeding, but their combination is challenging due to a tight negative correlation. Protein yield and grain protein deviation have been proposed as selection criteria to simultaneously improve both traits. Sedimentation volume is an indicator of protein quality, which plays an important role for bread‐making quality in wheat. All these traits have been investigated in our study with 135 parental inbred lines, their 1,604 hybrids and 10 commercial check varieties evaluated at five environments. The focus of our study was to investigate the usefulness of the grain protein deviation and to define a bivariate model for calculating the grain protein deviation. Further, we compared line and hybrid wheat for grain yield and quality‐related parameters such as protein content and sedimentation volume. The grain protein deviation determined with a bivariate model delivered robust estimates of variance components and enabled a balanced selection of genotypes with improved protein content and grain yield across different quality classes. Although heterosis for protein content and sedimentation volume was negative, hybrids had a higher grain protein deviation as well as higher grain yield at a given sedimentation volume or a given protein content than line varieties.