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It’s Jimmy Graham and everyone else. Graham had 217 fantasy points as the league’s top tight end in 2013 and the next closest guy was Vernon Davis at 167. That doesn’t mean Davis and the other top tight ends are useless, but in terms of value, it’s probably best to either draft Graham early or wait on the position.
I’m not keen on spending the second round pick it takes to land Graham, so I’m more on the waiting side. There are two waiting methods, though. You can wait just a few rounds later and snatch up someone like Julius Thomas or Rob Gronkowski at a more appropriate 4th-5th round ADP or you can wait until the end of the draft and just stream tight ends all season long.
The first waiting method is probably preferred if it works out decently with your draft plan, as those guys are sure fire elite options as long as they can stay healthy. Streaming is also great if you land the right guys. For instance, last year Martellus Bennett, Tyler Eifert and Brandon Pettigrew were popular streaming options. If you got really lucky, you might have been able to snatch Jordan Cameron late, as well. Cameron ended up being the 5th best tight end, with Bennett closing out as the 10th best. Eifert and Pettigrew were just 28th and 31st, however.
Translation: streaming tight ends is a good way to save picks for running backs and wide receivers, and it might work. You’re just taking a big risk is all.