With all this year's organized team activities (OTAs) and mandatory minicamps behind us, the NFL will take its annual month-long break before training camps start rolling out in the second half of July.
DON'T MISS OUT: Pre-Order the 2026 Footballguys Draft Guide before they are all gone.
Ideally, there won't be much going on -- in terms of NFL news -- during this lull in the action. But for fantasy managers who take their preparation seriously, there is no downtime.
That's why the Fantasy Notebook will keep rolling with a position-by-position series on underrated players.
This week, it's Underrated Running Backs, starting at the top of the heap.
RB2s With RB1 Outcomes
While it's the case more often than not, underrated doesn't necessarily mean undervalued. Today, we'll look at a pair of running backs currently being drafted as RB2s who have legitimate shots at RB1 production. How do we know this? They've both done it before . . .
Still Capable of a Top-Five Finish?
The Jets told us what they think about Breece Hall when they signed him to a three-year, $43.5 million contract extension in May. The contract includes $29 million in guarantees.
And they think he's one of the best in the league.
The average per year ($14.5 million) ranks fourth among running backs, behind Saquon Barkley ($20.6 million), Christian McCaffrey ($19 million), and Derrick Henry ($15 million). Hall moved past Super Bowl MVP Ken Walker III ($14.35 million), who signed a free-agent contract with the Kansas City Chiefs in March.
A Surprising Development?
According to ESPN.com's Rich Cimini, Hall's deal was "a rather stunning turn of events, considering his name was floated in trade talks last fall."
Although he generated significant interest at the midseason trading deadline, the Jets decided to retain Hall, making him one of the key parts of their rebuild.
A 2022 second-round pick, Hall has expressed frustration about the Jets' losing, but showed appreciation to the franchise in his social media post reacting to the deal.
"Cried for the first time since I tore my ACL. This day really hit different for me, man," Hall said in a post on X after the news of his new deal broke.
Fantasy investors hoping for a change of scenery might have wept a bit as well. But should we?
Should Hall Get a Pass?
Hall, who turned 25 on May 31, delivered his best statistical rushing season last year. He saw career highs in carries (243) and yards (1,065) and scored four rushing touchdowns. Coaches hyped him as a dual-threat who would have a huge impact in the passing game, but that never materialized.
He caught only 36 passes, his second-lowest total in four seasons.
Still, his production was solid considering the circumstances: The 3-14 Jets averaged just 263.6 yards per game on offense, which ranked 29th in the NFL.
The rushing attack, which ranked 10th in the league, wasn't the problem.
The Jets' record with Hall is 22-46, under three different coaches, but he and wide receiver Garrett Wilson are their only two proven playmakers.
So, even if his efforts are easy to overlook, Hall is still very good.
The Range of Outcomes
It's not hard to figure out the high end here. Hall was on pace to be in the discussion for Offensive Rookie of the Year in 2022 before his first season was cut short by an ACL injury in Week 7.
He returned in 2023 and delivered 1,585 scrimmage yards, the second-most among running backs. That included 994 rushing yards at a 4.5-yard per carry clip. Hall also hauled in 76 receptions on 90 targets that season.
He finished as RB2 with 288.5 fantasy points that year.
But Hall disappointed investors in 2024, finishing with 1,359 scrimmage yards (14th among running backs) and eight touchdowns. He ran for 876 yards (54.8 per game) in 2024. His receptions fell to 57 on 74 targets.
His RB16 finish fell short of his RB3 Average Draft Position (ADP) that summer when he was selected with the sixth pick overall.
The Argument for the High End
If you're looking for reasons to believe Hall will regain that 2023 form this season, it would have to start with an offensive turnaround in New York.
The Jets should get improved quarterback play. Geno Smith is an upgrade over Justin Fields, and additions to the receiving corps should create space for Hall in the run game.
Things should also be different under new offensive coordinator Frank Reich.
Cimini reminded readers that Reich is known for maximizing his running backs' dual-threat capabilities.
Hall's usage in the passing game is expected to expand significantly. Reich plans to feature him more frequently as a receiver out of the backfield and keep him on the field for third downs, which will help elevate a New York offense with Smith under center.
Setting Aside the Concerns
Because it's the Jets, there's some risk here. The presence of fellow running backs Braelon Allen, who returns from a knee injury, and Isaiah Davis could be limiting factors.
Still, Footballguy Jason Wood argues that, barring injury, it's hard to foresee a scenario where Hall isn't the most valuable fantasy player on the Jets. While the overall team situation may cap his upside, his projected usage should guarantee him low-end RB1 or high-end RB2 value most weeks.
His current RB13 Footballguys projection, RB14 ADP, and his career numbers all lend credence to that belief.
Since entering the league, Hall ranks 10th in scrimmage yards, sixth in yards per touch, sixth in receptions, and fourth in receiving yards among running backs despite the Jets' playcalling and quarterbacking issues.
That's RB1 talent. The upside is worth chasing in Round 3.
An Even Cheaper RB1?
As USA Today's Todd Brock framed it, "Javonte Williams may be the most under-the-radar stud running back the Cowboys have had in a long time."
Williams certainly made a strong impression in his first season in Dallas.
2025 saw him log personal bests in both rushing attempts and rushing yards, and his 11 rushing touchdowns equaled his previous four pro seasons combined.
It was enough to warrant a three-year, $24 million contract extension this February -- before his initial one-year deal expired and he hit the open market in March.
So Williams goes from an unknown and unproven commodity with Cowboys coaches to one of the roster's genuine leaders.
The Best Landing Spot
Although agreeing to that extension in February might have cost him some money (the Chiefs paid Walker $43 million for three years and Travis Etienne Jr. got $52 million over four years from the Saints when free agency opened in March), the landing spot couldn't be better.
Given his explosive movement, north-south power, and overall production, Williams keeping his role as the Cowboys' lead back wasn't just a win for the Cowboys; it's great news for fantasy investors.
The Cowboys agree.
Head coach Brian Schottenheimer said he sees the 26-year-old Williams as "an absolute pounder, bruiser, a guy that's going to score 12 touchdowns every year for us."
Offensive coordinator Klayton Adams raved just as loudly about other qualities.
"He's very smart," Adams said. "I'm really into guys who are great teammates, and that dude is a great teammate . . . He's certainly one of my favorites."
Going from a guy who feared his career might be over in Denver to delivering his first 1,000-yard season and a top-10 finish among all running backs leaguewide, Williams will look to build on last year's success.
Why Will He Succeed?
As Footballguy Matt Waldman suggests, Williams is a solid, mid-range RB2 with low-end fantasy RB1 upside if he earns enough touches in the low red zone to become a prolific scorer.
Williams finished last season as RB12.
Footballguy Dave Kluge outlined the reasons the former Bronco is set for success.
"Williams averaged 19 opportunities per game. Seeing double-digit touches in all 16 games he suited up for," Kluge wrote. "His 62 red-zone touches were the fifth-most among running backs, and his 51 targets ranked 11th, showcasing his ability to garner high-value touches near the end zone and through the air."
With a locked-in role in a potent offense, a solid offensive line, and coaches who understand what he's capable of, I'm more bullish than Waldman. I expect another RB1 campaign.
His current Footballguys projection calls for an RB19 finish. His ADP is RB18 with a late third-round price tag.
If I'm right and he duplicates last year's totals, that third-round price will be a steal.
Underrated Due To Perceived Risk and Uncertainty
There are always players with the talent to be more productive than their current price suggests, but the discount doesn't come without shouldering some risk. Let's take a chance.
Every Ability but the Best Ability . . . So Far
Another year, another abbreviated season for J.K. Dobbins.
The Broncos running back was off to a sensational start in 2024, generating 772 yards and four touchdowns in 10 games before a foot injury put him on the shelf.
But after re-signing in Denver this offseason, Dobbins is out to prove last year's start was no accident.
"What I'm going to show is that last year wasn't a fluke. Like, instead of being No. 3 in the NFL, I'll be No. 1 this year. And there won't be any injuries," Dobbins told Luca Evans of The Denver Post.
Technically, Dobbins was fifth in the NFL when injury struck, but the point remains. He was very effective as long as he was on the field.
That's Not New
As NFL.com's Kevin Patra wrote, "There are zero questions about the slashing runner's ability when he's on the field. He has averaged 5.2 yards per carry in his career, knows how to utilize blockers well, and has the speed to turn a short gain into a chunk.
"However, he hasn't been able to stay healthy since suffering a gruesome preseason knee injury with the Ravens in 2021, which forced him to miss the entire season."
He hasn't played more than 13 games in a season since.
Dobbins found some continuity in 2024 with the Chargers, but again missed four games deep into the season. Then again in 2025, he couldn't finish on the field.
Patra reminded readers that Bill Parcells was fond of saying that sometimes a player's greatest ability is being available.
Dobbins is still fighting that battle into Year 7.
But Denver Needs Him
The Broncos' ground game struggled to consistently create yards after Dobbins went down in Week 10. RJ Harvey, a rookie, was asked to carry the load as the Broncos' No. 1 running back from Week 11 on.
Harvey averaged 10.0 fantasy points with Dobbins and 14.2 without, but Harvey was inefficient as a runner, averaging only 3.4 yards per carry. Among 30 running backs with at least 80 carries during that span, Harvey ranked 23rd in yards after contact per attempt, according to FantasyPros' Kyle Zeigler.
Enter Jonah Coleman, the Washington running back selected in the fourth round of last month's draft.
Could the hard-nosed, decisive Coleman, who runs with urgency between the tackles, be an indictment of Harvey's running style? Or is he insurance for the oft-injured Dobbins?
Both can be true.
But Coleman's presence has no bearing on Dobbins remaining in the locked and upright position all season long.
And If He Does?
While offensive coordinator Davis Webb may cycle the backs to keep everyone fresh, we know a healthy Dobbins can lead a productive rushing attack.
For some context on how good Dobbins can be, Waldman offers the following: "Dobbins entered the league as a stronger De'Von Achane as an athlete. Two injuries later, he's doing it as a mid-career Frank Gore. Unbelievably impressive display of RB skills after losing your 'fastball.'"
For fantasy investors, drafting Dobbins as RB36 in Round 8 is a winning move.
The discount mitigates the risk, and the upside -- he was RB18 over his 10 healthy games last season -- is real.
Sight Unseen?
In 2024, the Panthers spent a second-round pick on Jonathon Brooks, who was coming off a torn ACL suffered in November of 2023 and knew he wouldn't play most of that year.
He debuted in Week 12 -- and re-injured the same knee three games later.
Chuba Hubbard thrived in Brooks' absence that season, setting career highs across the board: 250 carries, 1,195 yards, 10 touchdowns, and 43 receptions. Add 171 receiving yards and another score, and Hubbard was RB13 on a per-game basis at 16.4 fantasy points.
But is Hubbard the best back on the roster?
That's a Fair Question
FanSided's Dean Jones recently suggested that Brooks' talent could be easily overlooked after a two-year absence.
"Everybody forgets Brooks was projected as the best running back in the 2024 class," Jones wrote. "Everyone's forgotten that he was a Heisman Trophy candidate before getting hurt. Everyone's forgotten just how phenomenal a dual-threat he could be within Canales's schematic concepts."
Well . . . not everyone.
Knowing Brooks' recovery from that second torn ACL would take most of the 2025 season, the Panthers signed help in the form of Rico Dowdle in free agency.
The plan was a job share. The plan lasted four games.
A Week 4 calf injury knocked Hubbard out for two games and slowed him for a few more. Dowdle took over. From Weeks 5-9, he ran 103 times for 652 yards and three touchdowns, including a 130-yard effort against a tough run defense in a Week 9 road upset of the Packers, when Carolina ran 33 times to play keep-away.
Dowdle cooled after that, but still finished with his second straight 1,000-yard season. Hubbard came back and posted 734 combined yards from scrimmage as the secondary option.
Then, Dowdle walked, signing with the Steelers as an unrestricted free agent.
Brooks Might Be Why
Some see the decision to let Dowdle leave as a vote of confidence in Hubbard.
That may be true to a degree. More likely, however, it reflected Brooks' progress in his recovery from that second ACL surgery in 2024.
Head coach Dave Canales said at the NFL's Annual Meeting that Brooks has progressed to the point where he can "be put in a football scenario with other people around him."
That matters.
"I know what he looked like prior to the injury," Canales said. "And that's a vision that I hope he has, too, so we can go and attack that."
Brooks, who is only 22, garnered plenty of attention during OTAs.
After one session, Charlotte Observer beat writer Mike Kaye noted that Brooks caught a pass across the middle from Bryce Young and "blazed down the field through traffic."
It was a non-contact drill, but Kaye advised readers that "Brooks looked fast, fluid and decisive as he cut through the defense."
The Athletic's Joseph Person notes that Hubbard and Brooks have complementary skill sets.
Hubbard is a physical, downhill runner who has worked tirelessly to turn himself into a reliable receiver. Brooks is a little shiftier, with home run ability as both a runner and a pass catcher.
"Half of his highlights when he was coming out (of Texas) are screen passes, wides, things down the field. He has a great ability to catch the ball, track it, and transition once he catches it," Canales said.
A Split Seems Likely, But . . .
If Brooks can duplicate the form he demonstrated in college, he could take this job -- and by take it, I mean play the lead role. Remember, this staff rides the hot hand. They've said as much, and they've shown a willingness to do it.
I'm not against drafting Hubbard at cost -- he's going as RB27, but I'm all for landing Brooks, who's being drafted as RB37 in Round 9, at his current price.
We're paying for a healthy Brooks to remain a bit player, or never arrive, when he has the talent to be the primary option in this offense.
RBs in New Places With the Talent to Excel
There's no shortage of players who could benefit from their offseason moves. That includes running backs who appear destined to split time as we head into training camp, with opportunities to earn more. As always, circumstances and performance will determine the ultimate outcomes. But identifying those with the talent and potential opportunities to excel can be a path to fantasy success.
Let's check a couple of players who match this archetype.
White's Opportunity and Past Production Have My Attention
As Newsweek's Rowan Fisher-Shotton wrote, "The Washington Commanders had an eventful offseason." While general manager Adam Peters put an emphasis on defense, there were changes on offense as well.
It's not a reach to say fantasy investors should view it as an offensive reset.
David Blough got promoted to offensive coordinator, replacing Kliff Kingsbury, and tight end Chig Okonkwo got a three-year, $27 million deal. Washington also said goodbye to a lot of familiar faces, including Deebo Samuel Sr. and center Tyler Biadasz.
The backfield lost Austin Ekeler and Chris Rodriguez Jr., who both did not re-sign.
To help fill the void, the Commanders signed former Tampa Bay Buccaneer Rachaad White the day after Rodriguez left.
Washington also added former Browns running back Jerome Ford and drafted Penn State's Kaytron Allen in the sixth round of April's draft. With White, Allen, and Ford joining Croskey-Merritt and McNichols, this year's backfield appears to be every bit as -- if not more -- ambiguous than it was last season.
But even if it's the most likely, a timeshare is not the only possible outcome. There is another . . .
White Could Shine
If White earns a more significant role and outperforms expectations, it wouldn't be the first time.
He operated as a feature for the Buccaneers back in 2023 and delivered his best season as a pro, rushing for 990 yards on 272 carries and six touchdowns, with 64 catches for 549 receiving yards and three receiving touchdowns.
He finished that season as fantasy's RB4.
White has played a situational role since. As ESPN's Mike Clay notes, White is fine as a rusher, but he's a standout as a receiver. He's the only back in the NFL with 40-plus catches in each of the past four seasons, and his 89.1 percent career catch rate is easily best in NFL history among players with 100-plus targets.
So it's possible he'll focus on a receiving role in Washington, as well. After all, White is a familiar face for quarterback Jayden Daniels.
The pair first played together at Arizona State in 2020 and 2021. During their final season together in Tempe, White was a dual-threat weapon, recording 1,462 scrimmage yards and 16 total touchdowns.
White and Daniels have maintained a brotherly connection since their college days.
Sorting Out the Possibilities
While we all expect Washington's backfield to be in a timeshare with Croskey-Merritt and White splitting most of the touches, that's not chiseled in stone.
Reports out of OTAs and minicamp were consistently positive, with Fisher-Shotton arguing the player who could make the sneakiest impact in 2026 is White. CBS Sports' Tyler Sullivan also flagged White as a sleeper bargain earlier last week after Dan Quinn praised the running back coming out of OTAs and minicamp. ESPN.com's John Keim also cited White's recent performances.
Their current Average Draft Positions (ADPs) suggest the fantasy hive mind is picking up on the buzz. Croskey-Merritt was consistently the first Commanders back off the board for most of the offseason.
That's changed. White is now RB39. Croskey-Merritt is RB40. Both are going in Round 9 of early drafts.
But what if one of them earns a more prominent role? And who's the most likely candidate if that happens?
I've seen flashes of what Croskey-Merritt can do.
Exactly two flashes in the form of 20-plus point fantasy scoring. He had only five games with double-digit scoring en route to an 8.5-point-per-game average that ranked 43rd at the position.
I'm more confident in White.
He has had a top-five season and Waldman believes White can realistically deliver a top-15 PPR season -- even if the former Buc is sharing the workload.
Here's the bet: White doesn't need to win the job outright to pay off your Round 9 pick.
His receiving role gives him a floor almost no other back at his ADP can match, and his history with Daniels gives him a ceiling that could turn a committee back into a weekly starter.
We've seen the top-five version of White before. In Washington, with the right snaps and the quarterback who already trusts him, we could see it again.
And at a Round 9 price, that's a chance well worth taking.