I try to be thorough, so it takes me a pretty long time to get my ranking sheets done. I don't use ADP, as I think it's pretty useless across so many disparate scoring systems. If I'm happy getting a player in X round, then I don't care. I'd rather swing and miss on a guy that I got where I wanted him, than to not get to draft him because I was trying to be tricksy and wait an extra two rounds. Like last year, that guy was Slaton. If he hadn't worked out, I wouldn't have been too upset despite the early pick, but if I hadn't gotten him, I woulda been supremely pissed.
Anyway, my methodology for my dynasty league spreadsheets is below. I use Microsoft Excel because it's easy to manipulate.
1. ORGANIZE BY POSITION:
Separate out all available players by position before the NFL draft.
2. ROOKIES:
--Research the top 20-25 at each position to start. You can almost always find a base list of these players on the web from any of the draft sites, or use FBG threads. No matter how thorough you are, if you aren't a staffer, you'll probably have missed people ("Sammie Stroughter? Who the..? How do you pronounce that?"), particularly the smaller-school players that fly under the radar.
--Compile data. Massive amounts of it. Find your top 5 draft websites and read all of their scouting reports of all of their players. Copy their rankings, so that you have an aggregate listing of how various places rank players, sort of like the FBG Forecast. Revisit these sites every week or two. Look for changes. If there are changes, figure out why they've changed. Your rankings should be fluid, as well.
--Take notes on their strengths and weaknesses, as well as what they're coming from (for example, spread offense, crappy quarterback throwing to them, etc.) Judging them independent of their future NFL situation is important so that you have an unbiased picture of them as a player.
--Use consistent criteria when taking notes so you don't confuse yourself later. For WR, that might be separation, routes, deep speed, catching, elusiveness, balance, blocking, jumping. For RB, it might be power, balance, handling, speed, vision, elusiveness, blocking, receiving. Waldman has a good set of criteria to base things on in his scouting portfolio.
--Make time to watch highlight videos. Usually there's a few out there. Take these with a grain of salt, of course, because they're obviously biased. Still, if the highlights are of a guy running for 30 yards through a hole that I could drive a semi through, that's one thing. If it's of someone showing incredible vision/toughness and slashing for 7 yards, that's something else altogether.
-- Personalize your rankings. Now you have video, notes, professional rankings, and tons of data. Start making your own decisions, and if you make them public, be prepared to discuss them with more than "I like him". Discussion is usually good. Some advice: don't be afraid to show confidence, but have reasons for them. A lot of people are wrong, a lot of the time. For example, I think Britt is awesome and that if he learns how to not fight the ball, he'll be a stud, and numerous interviews/comments have indicated he's a serious, hard worker that has a great chance to do just that. I've also argued for Slaton, Pettigrew, Mike Thomas. If you have a guy who you really like but you can't adequately argue their case or provide support for why he should be ranked that high, then you really need to examine your rankings/perceptions/criteria. If you're wrong, you're wrong, but at least you'll be able to refine your process and analysis. It's a lot easier to fix an error in judgment than it is to correct a misplaced hunch.
2b. NON-ROOKIES:
Typically, the top players are kept, and in salary/contract leagues, the best available players typically stand out. Since they aren't rookies, I've already done the homework on them. Saving past years' notes is important, so that three years from now you remember how you felt about Tom Brandstater, minus the hype.
3. ADJUST BASED ON SITUATION:
--After the NFL draft, examine their situation. What system are they going to? Who else is already there? Cross-reference talent and opportunity. Look for those who can succeed in the first two years, those who need help, and those who are solely long-term plans. Adjust your rankings accordingly and make notes about who you think they'll replace/beat out. For example, Kenny McKinley notes read: 2009 WR4-5, 2010 Marshall gone? Can beat out Gaffney/Jackson. Mike Goodson reads: eventual counterpart to Stewart? Long-term potential only. Goodson was higher in my pre-draft rankings, but he's certainly lower post-draft.
Opportunity plays a large role in success. Drafting a player that'll contribute/start in 2009 or 2010 is better than one that'll maybe start in 2011. Regimes change. Schemes change. That "eventual successor to X" might find himself out of a job because there's a new coach that wants a new offense or defense. A lot of late round rookie darlings wind up being cut. I'm talking about you, Josh Johnson. Therefore, if you're going to reach, reach for someone with opportunity, not someone who may not get one.
--I don't do projections, but I try to estimate what a person is going to be in an offense. It could be a crowded situation, like Juaquin Iglesias, who will have to compete initially for catches with Olson and Forte in addition to, presumably, Bennett (an FBG darling from last year) and Hester. It could be an open situation, like Mark Bradley in KC. With Gonzo gone, who else is going to catch passes besides Bowe?
--Identify upcoming free agents. You could call this the Michael Turner rule. In 2010, key FA include Jerome Harrison, Jerious Norwood, Willie Parker, Leon Washington, Chester Taylor. That could mean larger roles for some on new teams, or it could mean a vacuum that needs to be filled by someone younger, such as Ian Johnson.
--Create a "final" ranking sheet. For rookie drafts, I have individual position rankings and a loosely organized Top 100-125 based on tiers. For larger drafts or auctions, I usually just stick with the individual position rankings and loosely identify my Top 5-7 at each position. Final isn't really ever the case, though. Performance in OTAs or, especially, preseason football, should be considered. Seriously, preseason football can be an eye-opener if you pay attention to players. Don't look for people dominating against 4th stringers. Look for the guys that are standing out in the 1st-2nd quarters against upper level competition. Once again, that's what got me hooked on Slaton last year (and Willie Parker a few years before that). Because, to be honest, what they're doing in NFL games against NFL starters and first-level backups, after having a few months of NFL coaching, is a hell of a lot more important than what they did in college.