A little bit more on Reggie Wayne. Here are his per-game numbers since he broke out in 2004: 5.56 catches for 79.6 yards and .55 TDs, 11.27 average fantasy points per game.
Those numbers sure look pretty elite, but to put them into perspective, here are the numbers posted by a couple other WRs since their breakout season.
Roddy White: 5.33 catches for 80.2 yards and .49 TDs, 10.94 ppg
Marques Colston: 5.23 catches for 74.0 yards and .63 TDs, 11.15 ppg
Greg Jennings: 4.66 catches for 75.9 yards and .66 TDs, 11.53 ppg
Chad Ochocinco: 5.37 catches for 78.9 yards and .49 TDs, 10.84 ppg
Steve Smiff: 5.72 catches for 80.7 yards and .49 TDs, 11.03 ppg
Brandon Marshall: 6.29 catches for 77.5 yards and .45 TDs, 10.43 ppg
Anquan Boldin: 6.17 catches for 79.3 yards and .47 TDs, 10.75 ppg
With the exception of Ochocinco, every single one of these players is younger than Reggie Wayne (and Ochocinco's only ~9 months older). Every single one of these players has been producing exactly the same as Wayne, too, despite worse circumstances. And, yet, every one of them is ranked behind Wayne. Let's not kid ourselves and pretend that the reason Reggie Wayne is ranked in the top 5 in dynasty is because he's just producing at this elite level... because, this season notwithstanding, he's not. He's producing at a pretty consistent WR8-10 type level. The reason he's that high is because of his consistency, nothing more.
You use this word "consistency" as if it's a bad thing, but I think you're using the numbers incorrectly. Those ARE numbers we would expect from an elite WR - in my mind, what makes them elite is how consistently they score that PPG in the past and the probability that they reach/exceed those numbers in the future.You say that he has been a consistent WR8-10 level, but if you actually look at their seasons, Wayne has more top 5 finishes and more top 10 ifnishes than anyone on that list other than Chad.
Bear in mind, I'm not defending Wayne as necessarily being above some of those other guys - in fact, I think there's a whole tier of "elite" dynasty WRs 10-12 good young guys who I consider in the top echelon as far as talent and would trust as my WR1. That said, I don't this this raw PPG tells the whole story. (This is just a cursory look - don't have time to go into more detail but I may if I have time this evening).
Let's assume that generally their production/finish is close to where they are today. Counting this year, has been top 10 in four of the past 6 years, including three top 5 finishes. Even in a down year last year when Peyton and the offense got off to a slow start, he finished as WR14.
Chad may be the most consistent at a high level on this list - outside of last year when his numbers fell off a cliff without Carson. He finished top 10 in 7 of the past 8 years (if as assume the current page) including three top 5 finishes.
Steve Smith finished WR1 with that monster year in 2005, but only has 2 top 10 finishes other than that. He also missed an entire season for injury, plus a number of games here and there, and we all know how inconsistent he can be game to game (10/170/3 to 2/10/0 the next week).
I love Roddy's upside especially as Ryan matures, but he hasn't cracked the top 5 WRs yet and isn't on pace to do so right now.
Marshall is on pace for a WR20 finish, and in his two big previous seasons was around WR10. He hasn't had a top 5 season yet.
Jennings finished top 5 last year, was out of the top 10 in his breakout year before, and is currently on pace for WR28 numbers. (Behind Driver who is on pace for WR12).
Boldin finished as top 5 his rookie season, but hasn't been top 5 since. He has two top 10 finishes, but also finished outside of the top 15 four times including this year when he's on pace for WR38 finish. Of his seven seasons, he has only played 16 games twice.
I think that sometimes Wayne doesn't get the elite respect because he's only "consistent" and perhaps not as flashy or exciting as some of these guys... but at the end of the year, he's consistently in the mix in the top 5-6 WRs.
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And not that I ever really considered him elite, but one guy who has never gotten enough respect is Driver. In the 8 seasons from 2002 on, he has a top 5 finish, 2 top finishes, and 2 top 15 finishes (on pace for WR12 this year as I said). His worst year was 2003, and in 2007 his numbers were off but mostly because is TDs were down a lot. And yet every offseason he goes for nothing... I picked him up as a cheap RFA in my dynasty - after trading Housh as the main cog in a package for 1.04 - and he wasn't matched. I think I might have cost me a 5th rounder... Insane.