I think it really depends on two things. #1 - is there one or two players that are far and above much better than the rest. If so, then you want to be in a draft position to snag them, which means drafting first overall. This dynamic changes from year to year. #2 - what is the experience level and knowledge of the other owners in your league. If they are all very knowledgeable then it wouldn't matter much where you drafted, but that usually isn't the case. There are usually a couple of owners who aren't quite up to snuff. If that is the case you want to draft below them. You want to be able to pick up value later in the first round. If you have three inexperienced owners drafting ahead of you and they let the next most valuable player slip through the cracks, you can snag that player and pick up a player at perhaps the #8 overall pick, that should've gone 5th or 6th, and then pick before those other three teams when the draft snakes back to you in the 2nd round.
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