RLV Real Value Close
RLV uses projections and a baseline for each position to determine player values.  Key statistics for every player are projected for the entire upcoming NFL season.  These stats are then combined with your league scoring rules to determine the number of fantasy points each player is expected to score.  The number of fantasy points scored by the baseline player at each position is then subtracted from each player.  All positions are then placed in the same list.
 
The Math
  1. Determine the total number of fantasy points each player is projected to score using the selected scoring rules.
    (Example of top three QB, RB, WR)
    Player Calculation Points
    Manning, Peyton 32TDs * 4pts + 12Ints * -1pts + 4000Yds * .05pts 316
    Holmes, Priest 22TDs * 6pt + 4Fum * -2pts + 1800Tds * .10pts 304
    Moss, Randy 14TDs * 6pts + 3Fum * -2pts + 1500Yds * .10pts 228

  2. Determine the baseline player for each position.  This needs to be done very carefully because it is what allows one position to be compared to another.  In this example, the last starter in a league of 12 teams is used as the baseline. learn more about baselines...
    Position Worst Starter Baseline Points
    QB 12th QB - Brady, Tom 245
    RB 24th RB - Garner, Charlie 141
    WR 36th WR - Galloway, Joey 105

  3. Subtract the baseline points determined in step 2 from each player and sort by the resulting value..
    Player Calculation Value
    Holmes, Priest 204 - 141 163
    Moss, Randy 228 - 105 123
    Manning, Peyton 316 - 245 71
Positives
  • Allows players at different positions to be compared to one another
  • Uses simple arithmetic
Negatives
  • A large number of projected stats must be carefully maintained.  Often, projections are tweaked as a means to alter a player's rank.  This can result in artificial stats that lose touch with reality.
  • Very dependent upon the selection of baseline players for each position.
During the draft
Like most player value lists, RLV does not necessarily specify the order in which players should be drafted.  It can, however,  be used during a draft to determine if a player justifies his draft pick.  The goal is to draft a player whose RLV value is in-line with the other players drafted near the pick.  Draft a player with a lower RLV value than those around him, and you will have overpaid.  A player picked with a higher RLV value than those around him is considered a bargain. The most effective use of RLV is to combine it with drafting tendencies and a real-time analysis of what is going on in the draft.  Average Draft Position (ADP) is helpful for determining where players are actually being drafted, but determining how much more or less a player is worth than their original RLV value is dependent upon how many things can be considered in the time it takes to make a draft pick.  A great drafter will be able to consider factors such as everyone else's roster status, their estimation of player values, remaining strength at each position, bye week implications, back-up needs, etc.  Computer programs such as Draft Predictor are often employed to analyze this data and combine it with a list of player values to suggest and even predict draft selections.
 
Acknowledgements
The concepts used in RLV were commonly used in Rotisserie baseball throughout the 1990s.  The approach was documented for Fantasy Football by Craig Davis.