Fantasy Football Week 5 Rankings: Each Position's Flex and PPR Projections

As NFL teams learn more about themselves near the quarter-mark of the 2022 season, fantasy managers are seeing some of the same things.

There's still time for huge momentum swings in either direction, of course, but you might already see some separation between your league's contenders and pretenders.

If you're among the heavyweights, you need to keep the good times going. If you're struggling to gain traction, this is the time to reverse your misfortunes and get things pointed the right direction.

Either way, this is a big weekend, so let's dig into it with weekly rankings for the flex spots (running back, wide receiver and tight end) and a waiver-wire target for each one.

Running Back

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ATLANTA, GA - AUGUST 27: Tyler Allgeier #25 of the Atlanta Falcons reacts after scoring a touchdown during the first half of the preseason game against the Jacksonville Jaguars at Mercedes-Benz Stadium on August 27, 2022 in Atlanta, Georgia. (Photo by Todd Kirkland/Getty Images)

Top 20

1. Saquon Barkley, NYG (at GB)

2. Christian McCaffrey, CAR (vs. SF)

3. Nick Chubb, CLE (vs. LAC)

4. Derrick Henry, TEN (at WAS)

5. Austin Ekeler, LAC (at CLE)

6. Joe Mixon, CIN (at BAL)

7. Alvin Kamara, NO (vs. SEA)

8. Jamaal Williams, DET (at NE)

9. Aaron Jones, GB (vs. NYG)

10. Josh Jacobs, LV (at KC)

11. Miles Sanders, PHI (at ARI)

12. Dalvin Cook, MIN (vs. CHI)

13. Leonard Fournette, TB (vs. ATL)

14. Clyde Edwards-Helaire, KC (vs. LV)

15. Dameon Pierce, HOU (at JAX)

16. James Robinson, JAX (vs. HOU)

17. Rhamondre Stevenson, NE (vs. DET)

18. David Montgomery, CHI (at MIN)

19. Jeff Wilson Jr., SF (at CAR)

20. Najee Harris, PIT (at BUF)

Waiver-Wire Target: Tyler Allgeier, Atlanta Falcons

Allgeier was always a name to watch this season, as it seemed inevitable the rebuilding Falcons would at least want to see what they have in the rookie fifth-rounder.

They were getting there on their own, having twice tasked him with 10 carries, but things are about to go to a different level. Starter Cordarrelle Patterson just went on injured reserve with a knee injury, meaning he'll miss at least four games.

The runway is all the way clear for Allgeier to take flight. He is coming off his best outing of the season (11 touches for 104 scrimmage yards), and things should keep trending up.

Wide Receiver

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PITTSBURGH, PA - SEPTEMBER 18: George Pickens #14 of the Pittsburgh Steelers looks on during the game against the New England Patriots at Acrisure Stadium on September 18, 2022 in Pittsburgh, Pennsylvania. (Photo by Joe Sargent/Getty Images)

Top 20

1. Cooper Kupp, LAR (vs. DAL)

2. Stefon Diggs, BUF (vs. PIT)

3. Davante Adams, LV (at KC)

4. Justin Jefferson, MIN (vs. CHI)

5. Tyreek Hill, MIA (at NYJ)

6. Deebo Samuel, SF (at CAR)

7. Amon-Ra St. Brown, DET (at NE)

8. Ja'Marr Chase, CIN (at BAL)

9. CeeDee Lamb, DAL (at LAR)

10. Tee Higgins, CIN (at BAL)

11. A.J. Brown, PHI (at ARI)

12. Mike Evans, TB (vs. ATL)

13. Christian Kirk, JAX (vs. HOU)

14. Jaylen Waddle, MIA (at NYJ)

15. DK Metcalf, SEA (at NO)

16. Marquise Brown, ARI (vs. PHI)

17. Drake London, ATL (at TB)

18. Mike Williams, LAC (at CLE)

19. Chris Godwin, TB (vs. ATL)

20. Brandin Cooks, HOU (at JAX)

Waiver-Wire Target: George Pickens, Pittsburgh Steelers

Pickens followed an electric preseason with a sleepy stretch of three games to open his NFL career. While his 12 targets were fine, he hadn't done nearly enough with them, as he managed just five receptions for 65 yards.

The switch finally flipped for the rookie second-rounder in Week 4. He was targeted eight times and capitalized on those chances to the tune of six receptions for 102 yards. He showed particularly good chemistry with fellow rookie Kenny Pickett, who now has the keys to the offense.

While the Steelers have to sort out their receiver hierarchy with Pickens, Diontae Johnson and Chase Claypool all vying for targets, Pickens has the talent to at least snag a top-two spot in their aerial attack.

Tight End

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EAST RUTHERFORD, NJ - SEPTEMBER 25: Tyler Conklin #83 of the New York Jets runs with the ball after a catch against the Cincinnati Bengals at MetLife Stadium on September 25, 2022 in East Rutherford, New Jersey. (Photo by Cooper Neill/Getty Images)

Top 10

1. Travis Kelce, KC (vs. LV)

2. Mark Andrews, BAL (vs. CIN)

3. T.J. Hockenson, DET (at NE)

4. Tyler Higbee, LAR (vs. DAL)

5. Darren Waller, LV (at KC)

6. Pat Freiermuth, PIT (at BUF)

7. Zach Ertz, ARI (vs. PHI)

8. George Kittle, SF (at CAR)

9. Gerald Everett, LAC (at CLE)

10. Dallas Goedert, PHI (at ARI)

Waiver-Wire Target: Tyler Conklin, New York Jets

Given the state of the tight end position, anyone who shows a pulse on the stat sheet is worth your attention. Still, Conklin might have a little more juice than most at the position.

"He ranks as TE8 on the season with a 16 percent target share," CBS Sports' Heath Cummings wrote. "In Zach Wilson's first start, Conklin was targeted on 15 percent of Wilson's throws. Even with all those talented weapons in New York, there appears to be a steady role carved out for their tight end."

Conklin hasn't scored since Week 1 and has only topped 60 receiving yards once, but his involvement gives him a high enough floor to land top 10 at the position more often than not. He is averaging better than seven targets per game and has at least 40 receiving yards or a touchdown in every outing so far.