I've wrote it before, and I'll write it again—I don't believe in "sleepers" when it comes to fantasy football. I believe in value.
In fantasy's other big game, baseball, you're dealing with a much larger player pool, which is constantly changing and expanding due to the minor leagues. Fantasy baseball breeds sleepers on a weekly basis. Yes, football does have its occasional practice squad call-up that hits it big (in Arian Foster's case, REALLY big), but for the most part, the guys who are going to be on the field are established (or close to it) when fantasy drafts are taking place.
You want a true fantasy football sleeper? WR Damian Williams of the Tennessee Titans. He's a second year receiver (taken in the third round of the 2010 draft), in line for an increased role this season, and maybe even a spot in the Week 1 starting lineup if WR Kenny Britt gets suspended. There's a good chance no one in your league has heard of him, and he can easily be had as an end-game pick in the final round of your draft. Damian Williams. Go nuts.
The players that make up this list should be known by all, and depending on the size of your league, should all get drafted. According to Yahoo's average draft position (ADP) chart, and ESPN's Top 300 list (which several drafters use as their go-to cheat sheet), these players are all being undervalued, in my humble opinion. Take them at their ADP, and you're golden. Jump on them a round or two early and you're making the savvy moves that disrupt draft rooms, and may help win you a championship.
As a rule for this list, I exclude quarterbacks. I feel with QBs, you're either taking one of the elite early, or waiting for a pair of solid/upside guys later in the draft. Sure, Josh Freeman can be a great value in Round 10, but there's a reason he's there, and Aaron Rodgers is gone by the end of Round 1. Running backs and wide receivers are the positions that fill up your team, and usually make the difference, week-to-week. I also have my one Tight End value pick, a guy you can get way late, with the upside of a Top 5 player at the position.
The readers who've made it this far shall be rewarded handsomely. May I present to you, my "Top Ten Value Picks" of the 2011 Fantasy Football season.