Chris Bangs recommends strategies for drafting your team in a first year Dynasty League.

Dynasty leagues: no other format is quite like them.  Instead of building your team for one year, you are building a team to last for years on end.  Whether you are new to dynasty or an experienced player, making the right choices in the initial dynasty draft is critical.  Whether the league has 40 man rosters with IDP, or 16 man rosters and time limits on keepers, follow these tips to avoid common mistakes that could set you back for years.

1.  Do not go into your draft with a strict mindset.
Too many owners decide before an initial dynasty draft whether they are drafting for the current year or for down the road.  Going in with a strict mindset will cause you to reach for players, and reaching can lead to poor decision-making.  Sit back, relax, and see what the draft brings to you.  The general direction of your team will become clear during the draft, and you should pick based on who falls to you.

2.  When in doubt, draft youth.  When all else is equal, take the low-mileage option.
Let's say that you are lucky enough to get the first overall pick in your initial dynasty draft. Instead of racking your brain trying to decide between running backs LaDainian Tomlinson (RB, SD) and Adrian Peterson (RB, MIN), the key number to keep in mind is six. Adrian Peterson is six years younger than LT.  Whenever you have a choice between two relatively equal players, take the younger player, since you are not just playing for this year, but also for next year and beyond.  If age isn't reason enough for you to break a tie, base your decision on wear and tear.  Look at number of career carries for running backs and number of receptions for wide receivers and tight ends.  For example, during your draft, let's say you realize that you need another running back and the next two names on your cheatsheet are Brandon Jacobs (RB, NYG) and Willis McGahee (RB, BAL).  Once you realize that, although the two players are the same age, Jacobs has only 336 career carries and McGahee has almost 1,200, it becomes a fairly easy choice.  Also, keep in mind that running backs age the quickest, followed by tight ends, and then wide receivers (who are capable of playing longer than all other skill positions except for quarterbacks).  So, if you need to fill a flex position with either a running back or a wide receiver of the same age, both of whom have been in the NFL for the same number of years, the receiver will likely be around to provide you with a longer duration of service.

3.  In the later rounds, draft skills, not needless backups.
As your dynasty draft rolls on, don’t get obsessed with backing up your backups.  Instead, think down the road.  Once you have your starters and a decent backup for each, there's no need to draft Amani Toomer (WR, NYG) or somebody of his ilk, who you would rarely need to use.  Instead, grab Jerome Simpson (WR, CIN) or Michael Bush (RB, OAK), either of whom may produce less this year but might be very valuable in the next few years with a change of scenery or situation.

4.  Don't forget the formerly-hyped rookie who didn't pan out.
There are players every year who get hyped but fail to live up to it.  A year later, these players make great value, as most are available relatively late in the draft -- because most owners overvalue the current year rookies in initial dynasty drafts.  For 2008, last year’s ‘hot items’ who you just might find available late in the draft include: Craig Davis (WR, SD), Robert Meachem (WR, NO), Ted Ginn, Jr. (WR, MIA), Greg Olsen (TE, CHI), Marcedes Lewis (TE, JAX), and Brandon Jackson (RB, GB).  These players may or may not all be useful this year, but every one of them has excellent long-term upside.

5.  Don’t forget injured players.
During either training camp or the preseason games, players will undoubtedly get hurt and knocked out for the season.  Some guys may misbehave and end up with a suspension from the league.  Keep scouring the injury and discipline reports, since these represent good future buying opportunities.  Even in dynasty leagues that stretch on for years, it's amazing how many owners pass up good players just because they are expected to miss a few games.  Last season, for example, Michael Bush could be drafted in the last round of many dynasty leagues, and that made him a smart guy to gamble on.  Even if Bush is not likely to be the starter for Oakland this season, he has a great amount of talent and is worth owning in case he finds himself starting somewhere in 2009.

6.  Veterans with average skill sets will be undervalued.
As your draft moves on, you will see all the veteran studs get drafted first, followed by any rookies of note.  Then the good veterans get drafted.  Finally, seemingly every rookie and second year player with any potential to start will begin to fly off the board.  At the same time, experienced, proven veterans who post "just average" statistics will sit undrafted.  While there is no need to needlessly take extra back-ups, this is where you need to check your roster to see if you have any gaps.  If you find unaddressed needs on your roster, you can plug in one of these cheap-yet-productive veterans, even if just as a one or two year fill-in.

7.  Have back-ups.
A lot of dynasty leagues will have ‘anti-hording’ rules, preventing teams from overstocking quarterbacks and kickers.  Either way, be sure your team is stocked with back-ups at both positions.  For example, if your league limits you to three quarterbacks, a good approach would include a starter, a back-up, and a future starter.  Having solid back-ups at the quarterback and kicker positions will cover you during bye-weeks and in case of injuries.  I can attest to it from experience.  Just when you thought you constructed a solid all-around dynasty team, your carefully laid plans can fall apart when the only NFL starting quarterback on your roster retires, a'la Brett Favre (QB, Retired?).

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