Consistency is an illusion. I've yet to encounter any metric of player consistency that carries much, if any, predictive power- in other words, knowing a player was consistent in year N does very little to tell you whether he'll be consistent in year N+1. Furthermore, the only variable that correlates well with consistency is points scored, but that's something of a tautology. Players who score more points tend to have more games where they score more points? You don't say!It's tempting to think that targets lead to consistency, but the truth is that low-target, high-scoring WRs put up consistency profiles right on par with high-target, high-scoring WRs. Witness Jordy Nelson last year, Brandon Lloyd the year before, and Vincent Jackson for most of his career. It's tempting to think that lots of targets lead to greater consistency in PPR leagues, and they do- but only because lots of targets leads to more points, and more points leads to greater consistency.The one dynamic that is missing from comparing yearly point totals for WR's is consistency. WR (and TE) are week in-week out the most inconsistent positions in fantasy football. For me, consistency at such an inconsistent position is where the hidden value lies. Regardless of #'s, this is what separates the mid-tier guy's from the top tier guys. I KNOW that a guy like Andre Johnson will get his opportunities nearly every game. If he makes the most of them, great, if not, at least I know he's getting targeted (unless of course he's on the sideline injured). At the end of the year, a guy like Torrey Smith may come within 40 or so points of Andre's total, but week in-week out I can't expect him to be as consistent as a guy like Andre because I can't expect him to get the targets a guy like Andre does. I like having stud receivers because it's a good starting point for consistency in this inconsistent world we call fantasy football.
Try this little exercise sometime: take the wr24 in your scoring system, divide his year-end totals by 16, and set this as your baseline for what constitutes a decent game. Then go down the list of scoring leaders and see what percentage of their games were "decent". Compare each player's percentage to the players immediately above and below, and highlight any names that were outliers compared to their peers (I.e. two or more decent games fewer or more than their finish would suggest). I've done this exercise several times at several positions, and the two things that always surprised me were just how rare outliers actually were, and just how little the outliers had in common. There were no unifying traits that predicted greater or lesser consistency. In reality, I'm convinced that the illusion of consistency is nothing more than statistical noise.
So, to wrap it up, when I'm drafting a player, I'll consider his scoring projection. I'll consider his risk. I'll consider roster synergy (bye weeks and an attempt to either minimize or maximize variance). Hell, I'll even consider whether or not I like the guy and want to root for him. I will not, however, consider week-to-week consistency. Consistency is a faulty heuristic, a cognitive bias, an ex post facto descriptor confused for a meaningful predictor.