I was always a HUGE fan of the "grab a QB late" philosophy. Some of my leaguemates could tell you stories about that- once, the first QB I grabbed was actually the 18th QB off the board (edit: in a 10-team league). However, I've recently been studying first round picks more closely and I'm starting to change my philosophy a bit.First off, let's get this out of the way- 50% of first round picks bust. That is a simple, easily demonstrable fact. Sure, picking Manning will put you behind the 8-ball when it comes to RBs for the rest of the draft... but at least you *KNOW* you're behind the 8-ball, and draft to compensate. It's even worse if you draft Ricky Williams and then he retires after your draft is over, because then not only are you behind the 8-ball, but you weren't compensating for it during the rest of the draft.The appeal of a Peyton Manning is that his bust risk, at this point, is virtually nil. He's like Brett Favre in his prime- you know he's going to produce in a big way. He doesn't get hurt, he doesn't have "bad years". You draft Manning, and then you can pretty much just ignore the position for the rest of your draft. Sure, you might be behind the half of the teams that didn't have their 1st rounder bust... but you're ahead of the half of the teams that did.Now, I'm not quite at that extreme where I'd call him a solid 1st rounder... but I would have no qualms at all about taking Manning in the 2nd, especially in smaller leagues (where acquiring depth is a piece of cake, and having the #1 starter at a certain position is a greater advantage). In fact, I took Manning #10 overall in an 8-player keeper league last year (players keep for their cost last year +2 rounds, so all of the studs except for LJ were actually available for drafting) and rode him all the way to the championship. I know that a single success doesn't prove it's a viable strategy (the rest of my team was very strong, too), but I was just giving an example of a time when I'd take Manning earlier than I'd otherwise consider.My current strategy can be described as "Manning in the 12-24 range... otherwise, be the last person to take a starting QB".