Draft only players that are coming off of injury or are hurt coming into the new season (but are expected to play at some point).
What you potentially gain: The value of many high profile players becomes artificially depressed when they hit the disabled list, or are chronically injured. You can pick up players like Chris Carpenter, Joel Zumaya, Nomar Garciaparra, etc. at significantly reduced cost and potentially end up with a team of roto-studs.
Conditions necessary for success: Health, for one. There must be enough injured guys of this caliber available. Also, this strategy has more upside in a keeper league, where you have the luxury of waiting out an injury. This is a good strategy to employ for as much as half your roster if your team is in a rebuilding year, as it might even give you a shot at contending.
Risks: Player not getting healthy is the biggest risk, of course. Underperformance due to injury is an equal risk.
Result: With a lot of luck, you could assemble a reasonably productive roster. But there is far more downside than upside.
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