I stand by what I said. All the exceptions that have been pointed out are not contrary to my point.
- Some people like that Manning is low-risk and can be counted on week in and week out. Agreed. That doesn't mean he'll be a top-12 overall player nor does it mean that his VBD baseline will make him valuable enough to justify being a round 1 pick.
- Some people think that Manning will produce at an amazingly high level and will finish in the top-12 overall in scoring. Fair enough. In such a case he might be worth a round 1 selection except for the fact that even a top-12 finish doesn't ensure that his VBD baseline will make him valuable enough to justify being a round 1 pick.
(Yes, I can have it both ways.

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The point of all of this is that only in the rarest circumstances can I envision a "first round pick Peyton Manning" offering enough value RELATIVE TO HIS ON-FIELD POSITION to be worth more then a RB. As I said, you may find that you like the safety of Manning just as someone might like the safety of Curtis Martin over the upside/risk of Tatum Bell in round 2. But "safety" is its own characteristic.
For every scenario I can think of, when I look at ADP compared to expectations/projections, nowhere does drafting Peyton Manning in Round 1 pan out to get me more VBD points.
Colin