Every grade below compares price paid to the value field in this room's 12-team market board — ESPN's draft kit scaled to our $2,400 pool — because it is the only number in this league not contaminated by vibes. I am treating it as settled. If you disagree, that is a you problem, not a numbers problem.

Surplus (value minus price, summed across the full 14-round roster, keepers included at their locked price) is the only input to these grades. Twelve rooms, a spread from plus-35 to minus-65. Obviously, this was not a coin flip.

A+ — Diamond Dogs (Justin Waitt)

Waitt kept Jaxon Smith-Njigba at $34 in a market that now says he's worth $65. That single line is a bigger surplus than some entire rosters below generated across fourteen rounds. Trey McBride at $31 against a $48 market adds another $17, and Ashton Jeanty at $43 came in essentially at retail. Waitt then filled out four running backs and eight — eight — wide receivers, which is not a plan so much as a hoarding instinct, but when the top of your roster is this far under market, hoarding is a luxury you've earned.

Net surplus: plus-35, the best room in the league. Waitt has one championship on his ledger, plus a career points-chump finish and an unluckiest-most-points-against season to remind him this business hasn't always broken his way. This is the best chance he's had to change that math in years.

A — Jackson for Heisman (Kevin Jones)

Kevin Jones bought Rashee Rice at $26 against a $52 market and Jeremiyah Love at $31 against a $55 market, which is fifty dollars of free surplus sitting on two players most rooms would have bid to fair value or past it. He then went 1-for-4 on the WR3-through-6 tier (De'Zhaun Stribling at $13 for a player this board barely prices), but the top of the roster is strong enough to absorb it.

Jones owns three championships in the archive, tied for most in the room, and this is the profile of a manager who still knows where the actual value sits even after everyone else has had a decade to catch up. Net surplus: plus-31.

A- — TacoDreams (Nick Inman)

One line does almost all the work here: Puka Nacua, kept at $31, priced by this market at $67. That's plus-36 on a single asset. Christian McCaffrey at $59 came in fair, Bucky Irving and Nico Collins both cleared as modest positive value.

Inman finished second in the 2025 regular season with a 109-45 all-play record — not the league's best (that belongs to Justin Waitt at 118-36) but plenty good — and a luck_delta of +0.006, as close to neutral as this league gets. This auction reads like the profile of a manager who doesn't need the puck bounces, he just needs the board priced efficiently, and today it was. Net surplus: plus-29.

B+ — bcunnion (Ben Cunnion)

I will say this once and it will pain me every time: Cunnion's room is good. All three keepers — Amon-Ra St. Brown ($51 vs. $62), Quinshon Judkins ($14 vs. $24), Chris Olave ($24 vs. $35) — cleared market by double digits combined, and Davante Adams at $18 against a $22 board was clean value on top. James Cook at $56 was a hair rich but not embarrassing.

Cunnion is tied for the most titles in the league with three — level with Kevin Jones, who also carries a runner-up finish, four division titles and two points-champ finishes Cunnion can't match — and his 2025 regular season closed at 8-6 from the 4-seed with a 96-58 all-play mark and a luck_delta of -0.052 — a number that cuts against everything on my Fraud Watch, and I am noting it here only because intellectual honesty demands it, not because I am changing my position. Net surplus: plus-19.

B — Joe Buck Yourself (Ryan Weaver)

Jonathan Taylor at $45 against a $62 market and Derrick Henry at $32 against a $48 market are two legitimately excellent buys, the kind of double-dip on aging bell-cow backs that this market has apparently stopped pricing correctly. Javonte Williams, kept at $16, is worth $31 on this board. The misses — Mike Evans at $14 for a $5 player, Christian Watson at $15 for a $6 player — are real, but they're single-digit bleeds against a room with three plus-15 hits at the top.

Weaver is the league's lone champion from 2014 and hasn't been back to the mountaintop since; this is at least a roster that can score. Net surplus: plus-14.

B- — Naberhood watch (Elliott Simmonds)

CeeDee Lamb at $60 for a $61 player is a retail transaction, fine but unremarkable. Justin Jefferson at $43 against a $58 market and Breece Hall at $20 against a $38 market are the two real wins here, plus-15 and plus-18 respectively. Then the room falls apart in the middle rounds — J.K. Dobbins at $12 for a $2 player, Brian Thomas at $16 for a $5 player — bleeding back almost everything the top three earned.

Simmonds is a former champion who has posted two career worst-record finishes of his own, though Nick Inman's three keep him from claiming the league's actual basement crown. This auction reads like a manager who remembers how to buy stars and has forgotten everything about buying depth. Net surplus: plus-5.

C+ — 4th and 20 (Evan Sinn)

This is, statistically, a coin flip of a room, and I mean that as an insult given who's spending. Jahmyr Gibbs at $67 for a $68 market and Drake London at $38 for a $54 market are the two real positives, but Jaylen Warren, Rico Dowdle and Tucker Kraft combined to bleed back almost the entire London surplus on players this board barely values.

Sinn posted the league's best 2025 regular-season record at 11-3, propped up by a 73-81 all-play mark that the math has been explaining for a full offseason now, if you'd rather look away. A break-even auction from a manager on my Fraud Watch is not the redemption arc he needs. Net surplus: minus-2.

C — Cameron Crazies (Brian Jones)

Brian Jones is the only manager in the room who didn't spend his full $200, closing $3 short, which is its own small monument to indecision. His actual problem is structural: three of his auction buys — Ladd McConkey ($31 vs. $20 market), Jaylen Waddle ($30 vs. $18), TreVeyon Henderson ($26 vs. $11) — came in well over market on players this board just doesn't value that highly. De'Von Achane, his one kept player, went for $32 against a $60 market, a legitimately excellent price worth plus-28 on its own, but it's fighting an expensive supporting cast the rest of the way.

Jones has a title and three runner-up finishes in his career, so he knows how to get back to a final. This roster is not obviously that vehicle. Net surplus: minus-8.

C- — Sir, TheyHitThe2ndBowers (Ollie Simmonds)

Brock Bowers at $25 for a $38 market is a legitimately good keeper, plus-13, and Josh Jacobs at $29 against a $41 board added another 12. Then Bhayshul Tuten at $26 for an $11 player and Luther Burden at $24 for a $13 player gave almost all of it back. A.J. Brown at $39 for a $36 market rounds out the overpay column.

Simmonds is the league's other ringless finalist, a runner-up from an earlier season who's never closed the deal. Nothing in this auction suggests this is the year the math changes. Net surplus: minus-12.

D+ — ArabMamba6 (Ryan El Masri)

El Masri is one of the newest managers in the room, with far fewer auctions under his belt than the founders, and it shows in the mid-round bidding. D'Andre Swift at $21 for a $10 player and Emeka Egbuka at $32 for a $26 player are the kind of overpays a veteran room usually polices out of each other. Omarion Hampton and Saquon Barkley both came in fair, and Jalen Hurts at $6 for an $11 QB2 was a nice small win, but it's not enough to offset the bleed. Net surplus: minus-15.

D — Chase Greatness (John Penney)

I want to be careful here, because Penney remains, per my own model, the best manager this league has produced who has the fewest rings to show for it — one title, two runner-up finishes, three career points-champ finishes, a résumé that all-play would have rewarded more than the standings ever did. None of that survives contact with this specific ledger. Ja'Marr Chase at $58 for a $66 market and Chase Brown at $27 for a $40 market were fine buys. Everything after that — DJ Moore at $23 for a $12 player, Rome Odunze at $25 for a $13 player, Carnell Tate at $21 for a $14 player — is retail panic-buying an entire receiving corps that the market had already priced correctly and Penney simply declined to believe.

The numbers were never in question. Net surplus: minus-27.

F — I paid $16 for Jennings (Trent Harley)

The team name is now also a financial disclosure. Jauan Jennings at $16 for a player this market prices at roughly a dollar is bad. Josh Downs, kept at $16 against a $2 market, is worse. Joe Burrow at $19 for a $6 QB2 is its own separate crime scene. Bijan Robinson at $69 came in essentially at market, which is the single competent decision in an otherwise historic overpay, and it's not enough to save a room that finished at minus-65 surplus — more than double the next-worst total in the league.

Harley is one of the newest managers in the Heavyweights, without much of an auction track record to fall back on. After this one, that might be for the best. Net surplus: minus-65, the worst room in the sample by a wide margin.