Overrated: Rashaan Gary and Drew Lock.
Anyone GM who wants to take Gary over Ed Oliver, Brian Burns, or Josh Allen needs to be slapped. Montez Sweat vs Gary is a little closer, but even Sweat is way more refined than the latter is.
Lock is yet another big white guy who can throw a football hard but can't put it on target. Every, single, year, we get a guy like this. Josh Allen last year, Paxton Lynch, Blaine Gabbert, Blake Bortles, Jake Locker, I mean the list just goes on. Teams see the tools and tell themselves, "man, if we can just teach this guy how to throw accurately, and read a defense, and handle the pass rush, he'll be a stud!" Doesn't work out. I'll give Josh Allen fair credit for at least showing signs of life in an offense that probably no rookie QB would be able to actually succeed in. But past that... I think your last Big White Early-to-Mid 1st Round Project QB to work out was Joe Flacco.
Underrated: David Montgomery and Noah Fant.
Montgomery isn't explosive, but he's an absolute tackle-shedding machine, and can catch and block fairly well. Kareem Hunt is a very similar type of runner and has very similar measurables, although he's a better receiver. Even though he was a 20th percentile NFL athlete, Hunt was good enough to win a rushing title. Now imagine if you could draft a clone of Hunt with zero off-field issues in the 3rd round.
And I don't understand how more people aren't talking about Fant. He absolutely annihilated the Combine with 98th percentile test results, and he has two years of film to back up that athleticism as well. And in a college game where TEs with pro style experience are getting harder and harder to find, Fant played in an NFL tight end factory and was coached up by the same guy who developed Gronk and Hernandez in New England.
Dude is EXACTLY the type of tight end the NFL is looking for these days, and you're going to be hard pressed to find another "move" guy in any draft with the experience and polish than Fant has. He's ready to jump in the slot and open up your offense from day 1. I've seen him mocked at end of the first or beginning of the second, and I just don't get that at all. IMO, his skill set is rare enough to justify a top 20 selection.