If you've heard it once, you've heard it a million times, the NFL has morphed into a passing league. And while that means that quarterbacks are becoming by far the highest point-scorers in all of fantasy football, it also means that there isn't a deeper position in fantasy football than quarterback.
Using Yahoo! Fantasy Sports standard scoring system (1 point per 25 passing yards, 4 for passing touchdowns versus 1 point per 10 rushing/receiving yards and 6 points per rushing/receiving touchdowns) there were a whopping 20 quarterbacks in the top 25 scoring positions last year. Ryan Fitzpatrick was No. 25. Phillip Rivers, for as awful of a season as he had, just missed, coming in 26th, ahead of fantasy studs like Ray Rice, Calvin Johnson, Brandon Marshall and C.J. Spiller.
So there are plenty of useful players to be had. Last year, I went 11-2 in one of my leagues platooning the dull-as-can-be combination of Houston's Matt Schaub and Oakland's Carson Palmer. Granted, I got bounced in the first round of the playoffs, but that had more to do with my opponent's obscene 50 points he got from the combination of the Cleveland defense and Indianapolis kicker Adam Vinatieri that, even had I started last year's top scorer in fantasy, Drew Brees, I wouldn't have been able to overcome.
My point is, unless you play in a league that requires you to start two quarterbacks (or one of those weird leagues that allows you to play a quarterback in your "flex" position) you can wait almost until the 7th or 8th round to draft your starter and, depending on their injury history, may not need to take a backup. (Just pluck someone off waivers during their bye week.)
While league rules vary, nearly all of them require starting two running backs and two wide receivers. You should address those four spots before you even think about drafting a QB. (There are exceptions to this rule, which I'll get into in a minute). Depending on your league settings, a third starting WR or a "flex" that allows you to pick between a RB, WR and occasionally, a tight end, might be worth drafting before you select a quarterback as well.
Here's what I know: Most fantasy leagues consist of 10 to 12 teams. Depending on how you feel about Michael Vick this year, there are 13 to 14 guys who should be considered "QB1" in fantasy football. While every league has at least one of with those quarterback hoarders - guys who take two top 10 quarterbacks before others pick their first - chances are, you can wait, be one of the last people to take your starting QB and still come away with a guy you can win with and get solid weekly production from.
And that quarterback hoarder, about mid-way through the season and upon realizing he's weak at RB and WR, will try to trade the guy sitting on his bench (usually at a value, giving you an opportunity to swoop in) or go insane deciding which of his quarterbacks to start each week and run his team into the ground.
With all that said, don't pass on one of the top quarterbacks if there is value presented there. For example, if Drew Brees slips into the middle of round 3 of your 12-team draft or Aaron Rodgers slips to the end of round 3 or early round 4, you take them. If that happens, that likely means a few people overdrafted certain running backs or wide receivers and there might not be guys at that position you like anyway. This is also not to say that you shouldn't take Brees or Rodgers right around their average draft position or even a bit earlier after the elite runners and receivers are off the board.
Personally, I'm going to load up on RBs and WRs, then try to get a Matt Stafford, Andrew Luck or Tony Romo to quarterback my squad in the 6th or 7th rounds, while you're scrambling to find someone you can count on for week-to-week consistency out of your second RB or WR and your flex.