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A LETTER FROM
Rob
NFL Draft Research
I stepped outside last night just before 10pm. The last of the
cherry blossoms still hanging on for another day or two before
a hurried spring turns into another muggy D.C. summer —
which I still love, inexplicably. I was walking to my office
to print three NFL draft papers, including
The Loser's Curse
by Cade Massey and Richard Thaler.
Just as fascinating as the paper itself is the fact that
Massey and Thaler, a Nobel laureate in economics and co-author
of Nudge, would spend serious time on the NFL draft -
a fact I'll use as justification that my own deep dives into
the draft on weekend nights is time well spent. The premise of
M&T's research was to study if “biases found in
judgment and decision-making research remain present in
contexts in which experienced participants face strong
economic incentives.” That is to say, if the millions of
dollars at stake would nudge scouting departments into more
rational behavior, or if they would still act with the
overconfidence of DraftKings parlay degenerates. They
concluded in favor of the latter (in far more measured
language, of course).
The paper's findings are still relevant today, but I did find
their methodology for player evaluation a bit lacking. They
used games started and All Pro selections as their measures of
player value, which was reasonable given the data available at
the time, but has a real gap in resolution e.g. a backup who
starts on an injury riddled (or bad) team accumulates starts
without necessarily being a quality stater.
To be clear, no single number can capture an NFL career. It
can't account for the coverage scheme that inflated a corner's
stats, or the torn ACL that ended a prime two years early, or
the offensive line that made a running back look like a star.
What it can do, if built carefully, is rank 5,000 players in
an order that makes sense more often than it doesn't. The
history of sports analytics is a history of choosing what to
measure. Baseball chose wins above replacement. Basketball
chose Estimated Plus-Minus and DARKO. Football never settled
on anything, partly because the sport is harder to decompose
into individual contributions, and partly because nobody could
agree on what mattered. We took a shot at it.
pVAR (player Value
Above Replacement): a single number measuring how valuable a
draft pick turned out to be. It combines per-snap grades (how
the player actually performed on the field, play by play),
career counting stats, and end-of-year awards like All-Pro
selections and MVP. It's the backbone of our draft redraft
rankings, team report cards, and bests and busts analysis.
I'll let you guess which team graded out as an F over the
last 20 years.
Full
methodology
here. Or jump straight into the
redraft rankings,
team report cards, and
bests and busts.
If you want to go further down the rabbit hole, Massey himself
is giving a talk this week:
Has the Loser's Curse Been Broken?
— Rob
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