Travis Kelce

The case

The market lets Kelce fall to pick 118 against a wolves rank of 58. The gap is real. So is the reason for it. He lives in the flat: fourteen tight ends projecting within a rounding error of each other. Big consensus gaps here are artifacts of when the market drafts the position, not hidden value. He is 36. The wolves price the cliff before it shows up in a box score, not after. Contract year. Worth a nudge, never a thesis. The flat does not pay a premium for a familiar name falling late. Draft the tier, not the discount.