Nightman
Capologist
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The cost of making a bad pick earlier in the draft is a lot higher than making a bad pick later in the draft. A cost-value study of NFL drafts shows that the best values are had in the mid-second round -- the players often product close to what a first-round player might but at a significantly lower cost. Drafting high has a much greater risk-reward factor -- you might get an elite player, but you also might get a bust at a high cost (in terms of dollars and draft position). One study calls this "The Loser's Curse" -- your "reward" for being bad enough to get an early first-round pick is the opportunity to take a huge gamble.
Cost is generally not a factor to these perennially bad franchises. They can't even over-pay to attract talent. Anyhow, most of that has been mitigated by the new rookie pool. Clowney got 22m vs 50m for Bradford.
It still boils down to making poor picks. Any first round pick that starts and plays to a Pro Bowl level is still a bargain compared to a similar FA.
The 'curse' is bad management.
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