Ref you seem totally lost on the definition of value here...
The other guy is saying Collie is a better value because the market is undervaluing him. He's a 3rd round value player, and the market is undervaluing that because of his past concussions.
Now, if you want to say that the risk actually does push his value down that low, then that's your opinion, and he's being valued where he should be.
I'm of the opinion that in a REDRAFT league, the market is overestimating the injury risk. Concussions are fluky. Even if I get 20 ppg out of him (his avg last year in my league, the 3rd best at WR) for only 6 games, and 2 points for the 7th in which he gets a concussion and never plays again...wouldn't you rather have those 6 games, suffer a stinker, and use a bench/ww guy to replace him? Especially when the other guys you can draft are probably producing in the 11-13ppg range...even if your 8th round receiver or surprise WW play is only giving you 9 ppg, the Collie + worse receiver is a better combo than the decent guy all year.
Like Andre Johnson last year. I would rather have had him all year, at his PPG with a replacement when he was declared out before the game, than a guy like Fitz or Miles Austin who was good all year, but not a 20 ppg guy like AJ was.
So, in my opinion, the market (ADP) is undervaluing Collie. That makes him a value play.
Rodgers, in the first round, is being valued by the market in the right place, in my opinion. He's the #1 QB, but I would be just as happy with Peyton, Brady, Rivers, Brees, and a 1st round RB or WR as I would be with Rodgers and a 2nd round RB or WR. Because of that, I think that Rodgers is NOT a value pick. He's a solid pick, and he's not bad value, but the market values him correctly.
Think about it like a stock. Collie's price is $2/share, even though he's worth $5/share - let's say this is because a legal case which the company Collie, Inc has could devastate the company. In every other way, however, they're a stronger stock. On top of that, the case is unlikely to go against them...but there is that possibility.
Rodgers Ltd is a stock worth $10/share. The market values him at $9.90 (I think his ADP is actually like 2-4 spots too low, pending league scoring). Therefore, Collie Inc has a much better chance of being a huge homerun for you. Rodgers Ltd is much safer, but you're probably just going to see normal growth with the market, and you'll make some money, but nothing special.
(That's my first stocks analogy and I've only had the most basic course in that major so far, so sorry if it isn't the greatest

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ETA: I made REDRAFT all caps because I would waaayyyyyyyy rather have Rodgers in dynasty. (At each of their respective ADPs)