WARNING: Long, stream-of-consciousness post ahead as I work through the thoughts behind my Aaron Hernandez rankings! Scroll to the bottom for a TL;DR summary.
I'm still working through my Hernandez valuation and am dropping him further for the second time today.
One big problem with my process is that it doesn't really deal well with real-time adjustments, and I clearly recognize that in this case. Clearly my initial adjustments were too low (and perhaps more importantly, my information on the case was incomplete- the existence of video evidence, if true, is the figurative smoking gun here). Anchoring bias suggests that when we move a player from his original position, we're going to stop short of where he truly deserves to fall as soon as comparisons start getting murky (it's the same principle behind how when you exit a 70 MPH freeway onto a 40 MPH surface street, you try to mentally adjust your speed downward, but usually wind up undershooting and going too fast on the surface street until your conscious mind steps in and corrects). As I further re-evaluate my position, I see anchoring bias's dirty fingerprints all over my reactions. With temporal and emotional distance, I'll be better able to recognize and compensate.
Really, being as objective as I possibly can at the moment, with all of the information I currently have available, it seems like the best place for Aaron Hernandez in redraft rankings is unranked entirely. I believe I'm going to instead leave him as the last TE I have ranked, because I tend to use the last position in my rankings more as a signal to be on the lookout, as this guy could radically outperform expectations, rather than a strict ordinal ranking (i.e. this guy is strictly worse than the guy ahead and strictly better than the guy behind). I've updated my comments again to make these thoughts more explicit, so that hopefully no one misunderstands what that ranking means.
In dynasty, I do not believe that Aaron Hernandez should be unranked as long as uncertainty remains. Uncertainty is a major negative at the top of dynasty rankings, but at the bottom, uncertainty represents opportunity. I've also included comments with my dynasty ranking trying to make my thinking as explicit as possible, so people understand where I'm coming from on this. I still think it is irresponsible to suggest that Aaron Hernandez has a 0% chance of anything at this point. In order for me to say that Aaron Hernandez has 0 value, I would have to rate the likelihood of each of the following statements at 100%: 1) video or some other evidence tangibly linking Hernandez to the crime exists. 2) Hernandez is a central figure in the crime, and the prosecution will be unwilling to offer him a bargain for his testimony. 3) EITHER Hernandez will receive a sentence of at least 10 years for his involvement, OR the NFL would never take a chance on someone with such a nefarious criminal history.
I know the NFL will take a chance on players with major legal troubles. Michael Vick was once the most reviled man in America, and many argued he should receive a lifetime ban, but I think the passage of years tend to cool off even the hottest of passions, and America loves a redemption narrative. The first two statements are both looking likely, but I would rate neither of them as 100% certain given the information available today, and if neither of those two are 100% certain, then the chances of Hernandez receiving a 10 year sentence are likewise not 100% certain. So, we're left with some percentage chance that Hernandez plays again in the NFL (a small but, importantly, nonzero percentage). Hernandez's worth today could therefore be described as his value if he plays again, times his chances of playing again, minus the opportunity cost of rostering him. In leagues with deep rosters, or leagues with generous IR/Taxi Squad rules, that opportunity cost is trivial enough that I would think Hernandez would be worth rostering. In more typical leagues, with today's information, I would think Hernandez is droppable.
The one key element here is time. Given time, all of these estimates are going to change. They could change for the worse (likely), or they could change for the better (unlikely). Given that the opportunity cost of rostering a player in the offseason is basically zero, it would make little sense to cut Hernandez now. For Hernandez owners, time is now their ally, as it will either reinforce the case for cutting him, or it will bring additional reasons to hold off. In terms of trade value, though, I think this is clearly "take what you can get" territory. Well, maybe not take anything- I wouldn't move him for guys who are essentially "Waiver-equivalent" (think: Marvin Jones, Justin Forsett, Dujuan Harris, Delanie Walker, Zach Desert, Rookie 3rds). But I don't think the value of the right to hold him while waiting for more information is compelling enough to turn down any offer that represents better-than-waiver-quality value. And I certainly couldn't blame anyone who considered the sunk cost already spent on Hernandez and decided to turn down even that; although strictly speaking I wouldn't consider that rational, I recognize that fantasy football is a hobby pursued more for enjoyment than objectively rational maximization of values.
I think this represents my final thoughts on Hernandez, at least until new information comes to light. I apologize again for being too slow to properly react to and assimilate new information, but this whole "real-time rankings updates" task is still pretty new to me. This situation gives me a good chance for self-evaluation, as I can evaluate my processes and try to determine if they are maladaptive and need to be changed (possibly by increasing the initial ranking penalty for uncertainty and reserving the right to adjust back upwards later), or whether this situation is far enough outside the norm that it's not reflective of the underlying processes, and I should continue my habit of keeping initial downgrades small and adjusting from there. I'm initially leaning towards the latter explanation (there aren't exactly a lot of good comparables for this situation). Clearly, underreacting in this instance led to a bad outcome, but that doesn't necessarily represent a sweeping indictment of the general tendency to underreact.
TL;DR- By taking a wait-and-see approach, I blew the initial reaction to the Hernandez news. I apologize to anyone who heeded my earlier impressions, and will work to do better next time.