I've posted to questions similar to this in the past and I try to make it clear.
I don't think that I succeed....but, I'll try again.
First of all I do no think that putting a value on the PLAYER is the way to do it.
I put value on the POSITION and try to find a bargain to fill it.
I"ll use my league setup as an example:
In our league we bid to fill 12 positions with a cap of $120
Amongst those 12 positions you must field:
QB
RB
WR
DEF/ST
K
You can do it any way you wish. Since our league is allowed two "practice squad" moves to fill bye week positions (specifically, the DEF/ST and the Kicker) I plan to obtain only one of each. Some team opt to get 2. I'm not sure why.
My roster to be filled looks like this:
QB...........2
RB...........4
WR..........4
DEF/ST....1
K.............1
I allocate money to be spent on
QB #1 and #2
RB #1, 2, 3, 4
WR #1, 2, 3, 4
Def/St #1
K #1
It will look a bit like this:
...................1........2..........3..........4
QB..............$20....$8
RB...............$35...$10.....$3........$1
WR..............$28...$8.......$3........$2
DEF.............$ 1
K.................$1
Remember...the #1 slots are not reserved for those you get first! You may fill up all of you #'s 3 & 4 before you bid on a single #1
Now, with this system you must be able to reallocate funds on the fly.
Early in the auction it is rather easy.
Say for example, early in the auction you find yourself having won the bidding for a WR that cost you $6. You need to quickly decide.."did I over-spend for my #3 or get a bargain on my #2?". This will depend on the quality of the WR you just got. YOU have to decide and reallocate the funds.
Sometimes it is a bit tougher than others.
Say you get caught up in the bidding on a well known #1 QB and you win the bidding with a $25 bid. You need to take that $5 you overspent from another slot. All of a sudden that $8 you plan to bid on your #2 WR may drop to only $3! OR, you may split it up. That $5 you overspent may take $2 from the #2 WR slot and $2 from the #2 RB slot.
Whatever you decide to do...it is your decision and if you start with a good budget, you are already half way there.
I hope this helps