I guess you can call what I do BPA, but maybe not. I like to make sure that I dominate at least two positions. If I'm drafting at the end of the draft, that might mean I take Graham and Brees in round 1 because I know the RB's I get there are nowhere close to what the guys at the front of the draft are getting. But I also know I will be outscoring them at TE and QB all year. Maybe it means I take AJ Green and Brandon Marshall because I will have the strongest WR core in the league, and follow up with Peyton in round 3 because now I am very strong at WR and QB. The one thing I don't want to do is have middling talent at all positions - some middle of the road RB's, WR's and a decent TE. I want superstars, and I can fill in the pieces around them later in the draft.
Also, I try not to panic in the mid rounds. If you are really short at RB, and the pickings are getting slim, remember that just about every other team already has their RB stable full, so chances are slim that RB's are going to continue to fly off the board. This means that you can still pick up strong WR's or a good QB and those middle of the road RB's will probably last another round. So yeah, I guess that's BPA.