Last tidbit for the day because I'm starting to get drunk... this one goes back to 2009, and is just the tip of the iceberg of an analysis I've always wanted to do and might just get around to doing in the near future.
I compared the "stud" WRs from last year (any WR costing $20+) to all pairs of WRs that cost the same amount. For example, Terrell Owens cost $30, so I compared him to every pair of WRs whose prices added up to $30 (there were 120 such pairs, for example). I just compared the year-end total points (ETA: by year end total points, I mean I took the max score of the two WRs for each week from weeks 1-16 and added them up), and just checked if the pair outscored the stud or vice versa. Obviously this doesn't account for weekly variance, coincident byes, etc., but it's a start. Ultimately the goal is to do a comprehensive look at whether or not a "stud" WR is better than several lesser-priced WRs.
Anyway, here are the results... the rightmost column indicates how many of the possible pairs of WRs outscored the stud that could be purchased for the same price:
Player Team Price Pair Win %
Larry Fitzgerald ARI $44 53.1%
Andre Johnson HOU $43 7.1%
Randy Moss NE $42 14.1%
Calvin Johnson DET $40 86.4%
Steve Smith CAR $38 68.7%
Reggie Wayne IND $36 25.0%
Dwayne Bowe KC $35 98.4%
Roddy White ATL $33 30.5%
Wes Welker NE $33 16.8%
Greg Jennings GB $32 48.3%
Anquan Boldin ARI $31 51.4%
Terrell Owens BUF $30 62.5%
T.J. Houshmandzadeh SEA $30 56.3%
Brandon Marshall DEN $29 3.7%
Braylon Edwards CLE $28 66.9%
Marques Colston NO $28 36.8%
Santana Moss WAS $27 57.2%
Chad Ochocinco CIN $27 29.0%
Anthony Gonzalez IND $26 100.0%
Eddie Royal DEN $26 98.7%
Jerricho Cotchery NYJ $25 67.6%
Santonio Holmes PIT $25 24.7%
Hines Ward PIT $24 12.7%
DeSean Jackson PHI $24 7.0%
Antonio Bryant TB $23 88.1%
Torry Holt JAX $22 75.2%
Domenik Hixon NYG $21 100.0%
Lee Evans BUF $21 71.6%
Bernard Berrian MIN $21 71.6%
Donnie Avery STL $21 71.6%
Roy Williams DAL $21 69.5%
Donald Driver GB $21 16.8%
Vincent Jackson SD $21 6.3%
Lance Moore NO $20 100.0%
So, obviously a guy like Anthony Gonzalez has a "Pair Win %" of 100%, because he was hurt all year, so any possible pair of WRs that cost $26 outscored him. You can see a guy like Calvin Johnson, who had a down year, was outscored by 86.4% of the possible $40 pairs of WRs, while Andre Johnson, who had a great year, outscored all but 7.1% of the pairs that cost $43.
Overall, pairs of WRs outscored the "studs" 52.8% of the time. So it was almost a coinflip - it really did come down to lucky player selection vs. the idea that "studs" are always better than multiple cheaper guys or vice versa. Again, this doesn't look at variance (e.g. a pair of WRs might still be better than the stud because, even if they had a lower end-of-year total points, they might have more consistently avoided "down" weeks), and of course it doesn't account for the possibility of buying three or more WRs for the price of one stud.
I'll try to do more like this later but now the rest of my beer awaits.