A monetary number assigned to all NFL players, taking into account their projected number of points for the season and what their salary is. Not all Fantasy Football leagues have salaries for players, but for leagues with salaries, a player who can produce the most points each week and is paid an appropriate salary has the highest value. Most competitors want a player who puts up a high number of points each week, but costs them little money in salary.
Calculating the actual value of each player can be difficult to do before a draft, since it is solely based on projections for the season. But by using value-based drafting techniques, like VORP, and baseline values, educated guesses can be made. The value computed will be a dollar amount which is typically the maximum amount a competitor should pay for a player. Since highly valued players will typically be highly sought after, some competitors may end up overpaying for the 'best' players.
An easy calculation to quickly determine the value of a player is the projected points per game divided by the price of the player already divided by $1000. Though it may not be as accurate as other calculations, it can be an easy value to find in a quick moment.
Typically, the players with the highest values for each season will be agreed upon by most competitors and draft sources. However, these projections could be totally wrong and a player could end up completely overvalued.
For leagues in which a salary is utilized, competitors must decide how much value they believe a player will give them each week. Some may choose to draft a few expensive players, who they feel will return the value spent each week, while others may choose to draft less impressive players who have lower salaries. Every competitor uses different drafting strategies based on preference, knowledge, and intent.