Why the NFL Draft Drives Economists Crazy
Fixed Costs, Variable Talent and Changes in the College Game Make Big Mistakes Unavoidable; Time for an Auction?

The league gives its worst teams first crack at incoming college talent in the name of parity, but instead of giving bad teams a leg up, it often forces them to draft players they don’t really need at prices they can’t afford. Many top picks hold out of training camp before they sign, only to end up with enormous contracts that have little to do with their true value to a football team.

What’s more, as this page reported Wednesday, NFL teams have a 50% chance of blowing a first-round pick entirely—the sort of costly gaffe that can set a franchise back for years.