I think the problem is that he's no longer a "great" player. I think his lower leg injuries have sapped him of much of his explosiveness.
Maybe. Maybe not. Last season was the first time in his career when he has averaged below 4.3 YPC. Presumably the injuries played a role in his poor performance and presumably the surgeries will help him get back to his old level. He's a few months older than Michael Crabtree, who has also been hampered by foot injuries throughout his career and who is also recovering from a surgery. Most people retain some optimism that Crabtree will get back to his best. I don't know that Stewart should be viewed differently.
As FF players, we're prone to thinking that players who score FF points = good and players who don't score FF points = bad. The fact that Stewart has been a perennial disappointment in FF terms is driving a lot of the negativity about his future outlook. He has been relatively useless in recent seasons, therefore he's judged as automatic crap who will never have value in the future. Crabtree (who scored a lot of FF points last season) is thought by many to be a good buy low opportunity. Stewart (who was useless in FF last season) is thought by many to be hopeless junk. That's not a coincidence, as the immediate past tends to dictate the way that most FF owners estimate future value. Whoever was good yesterday = will be good tomorrow. Whoever was bad yesterday = will be bad tomorrow.
The problem with such a simplistic approach is that you're going to miss out on good players who are mired in adversity for reasons not entirely related to their talent level. How many people gave up on Thomas Jones when he washed out of Arizona as a failure? How many people gave up on Cedric Benson when he washed out of Chicago? How many people gave up on Marshawn Lynch when he lost his vice grip on the starting job in Buffalo and was traded for a song? Sometimes a bust is just a bust, but other times a good player suffering through adversity will be confused with a bust. If you can recognize the distinction, it will create buy low opportunities. That's what I've attempted to do with my RB acquisitions over the past 12 months. Virtually everyone that I've acquired in multiple leagues fits the mold of "talented player who has fallen out of fashion." Mendenhall. Stewart. Mathews. Mike Dyer in my dev leagues. I'm on the lookout for reclamation projects because it's a proven and reliable way to get good players for below their actual worth.
As far as Stewart goes, I don't have much to add to the discussion that I haven't already said. He's already proven himself to be a very good NFL RB. The main issues going forward are whether or not he can eventually get healthy and get the opportunity needed to produce consistent FF results. It's not a certainty, but it's not a huge stretch either. I think the long term outlook justifies his current price tag in most leagues. The fact that the herd mentality is trampling all over him right now is part of what makes him a compelling buy low candidate. Like Thomas Jones pre-Tampa or Cedric Benson pre-Bengals. Low optimism = low price tag = more upside and more margin for error. That's what I look for in an investment.
First off, you're really going to compare a WR and RB at the same age? RB's maybe make it to age 30, WR's maybe make it to age 35. It's not even a contest as to why Crabtree should be valued higher.
Next, you're going to compare Jstew to Thomas Jones/Cedric Benson/Marshawn Lynch?
At their 5th year in the NFL(what Jstew has had)
Thomas Jones is coming off of a 948 yard rushing effort his 1st year in Chicago.
Cedric Benson is coming off of a 1,251 yard rushing effort his 2nd year in Cinci.
Marshawn Lynch is coming off a 737 yard rushing effort between Buffalo/Seattle.
Jonathan Stewart is coming off a 336 yard rushing effort his 5th season with Carolina.
-one of these doesn't look like the other. None of them resurrected their career on the team they started magically in season 6.
-Also none of them had a huge injury list like Jstew(see below)
Lets look at the ankle/lower leg injuries:
-Sophomore in HS, missed almost half the season due to an ankle injury
-Freshman year of college, missed 2 games and was limited in others due to an ankle injury
-Sophomore season, missed time due to lingering ankle issues
-March 2008(after combine), surgery on big toe
-2009 battled Achilles/heel/toe injuries and was listed as questionable for 9 games/probably for 6 more games
-2010 listed as probably due to a foot injury(missed 2 games due to a concussion as well)
-2012 right ankle injury, misses 7 games, listed as questionable/doubtful/probable on pretty much every other game and hurt ankle in preseason
-2013 surgery on both ankles
Are you really trusting his ankles on that 235 pound frame?