What Seattle thinks or believes is kinda worthless info.. Good to know, is about it.
Whats important is what Dallas believes / hopes to see / is watching for..
Seattle knows a lot more about him than Dallas does right now.
No doubt. The real question is how much, if any, does what Seattle knows about Michael matter to us now that he's in Dallas?
The golden rule for RB value is that one looks for a confluence of talent + opportunity + good offense. Let's take them one by one:
1) Talent: It's been debated pretty heavily in here, but there's a whole host of NFL talent evaluators (including his coaches in Seattle) that have stated that Michael has a lot of talent. Can one even find a quote about Michael that claims he doesn't have talent? The knock against him in Seattle was his consistency, not his talent.
2) Opportunity: Organizational concern with a player's consistency level will decrease as team's need at the position increases, so to some extent there is a direct tie to opportunity. Dallas desperately wants to run the ball to take pressure off Romo and extend his career, and Michael's main obstacles to playing time are Joseph Randle and Darren McFadden. McFadden has averaged less than 3.5 YPC since 2011 and is perpetually injured. Randle has about 100 career carries to his name, and he's been a knuckle-head off the field.
Even coming in cold at the last minute, it seems likely to me that Michael will see meaningful snaps at some point this year, whether by "earning" them the hard way, or simply by defaulting into them through the ineffectiveness/injuries of others. If/when Michael finds himself in that position, all the team will likely care about is his ability to get yards and not get Romo killed. They'll worry about his consistency in the offseason when they have a chance to review and address/bolster the position more significantly (via UFA/draft).
3) Good offense: Dallas projects to have a productive offense and a good offensive line. This same situation produced the #1 fantasy RB in the league last year. I don't think anyone questions this part of the equation.
It seems obvious to me that we have the potential makings of a valuable RB situation this year, regardless of what Seattle thinks of Michael. In redraft, Michael is a late-round flyer that has multiple reasonable paths to becoming a starting RB in a productive offense. In dynasty, he's an asset that has a reasonable chance of having a value spike this year. Imagine what his value will be if he is named the starter at some point (likely, IMO), and if he flashes/shows well in the role. Even a single productive game would likely increase his value significantly as the hype becomes "realized." FFBers are always looking to jump on the next big thing early, and there will be plenty of people out there who would view Michael that way even in these modest circumstances. You could likely cash out then for a nice return and completely bypass all the long-term concerns regarding Michael's consistency, etc.