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Relative Value of Draft Picks

Abstract: The NFL's salary scheme for rookies results in overpaying top draft picks. Basically, salaries start high, and drop-off faster than the talent level of picks. It's something you knew intuitively, wishing aloud for the Texans to trade down, but here is the confirmation.  Richard H. Thaler, a professor of economics and behavioral science at the Booth School of Business at the University of Chicago performed a study, reaching this very conclusion :

When a First Pick Isn’t the Best Pick

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