With two teams kicking off training camp this coming weekend -- rookies report in Seattle on Friday and San Francisco on Saturday -- the NFL's annual late-June/early-July break is almost over.
DON'T MISS OUT: Order the 2026 Footballguys Draft Guide before they are all gone.
But for fantasy managers who take their preparation seriously, there is no downtime. That's why the Fantasy Notebook has been using this time to roll out a position-by-position series on underrated players.
Three weeks ago, it was Underrated Running Backs. Two weeks ago, we covered Underrated Wide Receivers. Last week, we plumbed the depths of Underrated Tight Ends.
Now, we'll close out with Underrated Quarterbacks just in time to get back to our regular coverage as training camps open. Almost like we had a plan, eh?
Let's get the ball rolling with a look at . . .
Discounts Despite Big 2025 Finishes
Fantasy managers don't just project regression after career seasons -- they often overprice it. That's how proven elite quarterbacks become draft bargains. Here are two top-five performers at quarterback last season who aren't being drafted that way.
The Payoff We'd Been Waiting For
It took a minute. And there were times it didn't look like it would happen.
When the Jaguars drafted Trevor Lawrence first overall in 2021, they saddled him with Urban Meyer as a head coach. Meyer didn't even last one season before Darrell Bevell replaced him for the rest of that year.
Lawrence then spent three years being coached by Doug Pederson, who was better than Meyer but never helped Lawrence reach the level of play he was expected to.
Last year, it clicked.
Liam Coen became the Jaguars' head coach, and it was the most promising season of Lawrence's career.
How Good Was It?
Lawrence finished the 2025 season having completed 60.9 percent of his passes for 4,007 yards and a career-high 29 touchdown passes with 12 interceptions.
He also recorded career highs in carries (82), rushing yards (359), and rushing touchdowns (nine).
His 38 total touchdowns were third-best in the NFL.
The More Promising Part
The Jaguars won eight consecutive games to close out the regular season and win the AFC South title before a wild-card playoff loss to the Buffalo Bills ended their year. That eight-game stretch saw Lawrence score 24 total touchdowns, 19 of them through the air with just five interceptions, and Jacksonville averaged an NFL-best 33.6 points per game.
He reeled off seven consecutive top-10 fantasy outings to finish the season.
As a result, Lawrence, who finished the season as QB4 with 342.2 fantasy points, was QB1 overall from Weeks 10 through 17.
In other words, elite production.
The Questions
For the season, Lawrence averaged 20.1 fantasy points per game en route to that QB4 finish.
But some worry about his ability to duplicate last year's rushing totals -- specifically the touchdowns.
Lawrence's nine rushing scores more than doubled his combined output the previous two seasons.
As SI.com's Michael Fabiano pointed out last week, when you look at the list of quarterbacks who have rushed for at least nine touchdowns in a season since 2000, of which there are only eight (Josh Allen, Jalen Hurts, Cam Newton, Kyler Murray, Mike Vick, Daunte Culpepper), Lawrence looks like an outlier.
Footballguy Jason Wood agrees.
"While he possesses legitimate mobility and Coen intentionally leveraged his legs in the red zone, NFL historical trends scream regression here," Wood wrote last week. "Any realistic projection for Lawrence should cut that rushing touchdown output in half as a baseline."
That's Fair, But the Price is Fairer
Even with regression, Lawrence is all but certain to remain a high-volume passer and rusher after finishing in the top 10 among QBs in pass and rush attempts in each of his four full seasons.
Going into his second season with Coen lends further confidence, as does a deep group of talented pass catchers who have already demonstrated chemistry with the quarterback.
Does it guarantee another top-five finish?
Of course not.
Fortunately, at his current QB11 Average Draft Position (ADP) and seventh-round price, fantasy investors don't need Lawrence to repeat as QB4 to return value -- even if I still like his chances of hitting it.
Lawrence goes into the season as QB5 on my own Footballguys rankings.
As Wood noted, "Coen's system is notoriously complex; last year was entirely about pouring the concrete foundation, meaning 2026 is where they get to add the decorative trim."
Given the circumstances, I'll bet on the trajectory and take this discount without hesitation.
What Can No. 2 Do for You?
Matthew Stafford arguably had the best season of his career in 2025, winning his first MVP award en route to leading the Rams to the NFC Championship Game.
He completed 65 percent of his passes as he led the league with 4,707 yards and 46 touchdowns while passing for eight interceptions.
As ESPN's Mike Clay pointed out, the veteran signal-caller delivered nine top-10 fantasy weeks, tied for the third most at the position, despite being selected as QB25 in fantasy drafts last summer.
He was good for the Rams and better for fantasy investors as he finished the year as QB2 overall.
It was his first top-10 finish since 2019, and his lack of rushing equity can be a limiting factor -- Stafford has 65 or fewer rushing yards in five straight seasons and one rushing touchdown since 2017.
But elite outcomes are still possible.
Some Would Say Likely
It's worth noting the Rams didn't maximize their quarterback's efforts. Even with Stafford putting together one of the most efficient seasons of his career, USA Today recently pointed out that last year's numbers could have been even better if not for a litany of drops.
Stafford lost 42.15 expected points added to drops, the fifth-highest total in the league, according to FTN 2025 Charting data.
That figure ranks Stafford behind only Dak Prescott (70.15), Lawrence (67.58), Jared Goff (66.7), and Cam Ward (56.8) -- and ahead of far more turnover-prone or lower-efficiency passers.
The cumulative effect of two dozen drops on a quarterback who was already producing at a top-five clip in the league is significant. Had even half of those drops been secured, Stafford's numbers would look even more dominant.
Still, Fantasy Investors Remain Wary
Despite last year's QB2 finish, Stafford's QB12 ADP and seventh-round price are well off that. So is his QB14 Footballguys projection.
Even a step back from last year's QB2 finish would still make Stafford a bargain at his current cost.
I currently rank Stafford as my QB10.
With a pair of dominant receivers in Puka Nacua and Davante Adams, a strong offensive line, an effective rushing attack, and one of the league's most innovative and aggressive playcallers in Sean McVay, Stafford has everything needed to deliver another high-end season.
If you're waiting on quarterback, don't chase unproven upside. Chase discounted elite production. That's exactly what Lawrence and Stafford offer at their current prices.
Leveraging Cheap Cheat Code QBs
We've long understood the value of mobile quarterbacks. Yet every draft season, rushing upside still slips farther down the board than it should. Fantasy analyst Rich Hribar coined the term "Konami Code" in discussing rushing quarterbacks. The contention is that drafting a quarterback who runs gives your team an unfair advantage, much like a video game cheat code. Here are two players who qualify . . .
Proven Value as a Runner
We all know how important rushing equity can be for quarterbacks. According to Rotowire's Ian Hartitz, since 2014, 31 out of 34 quarterbacks -- more than 90 percent -- who reached 100 or more rushing attempts in a season finished as a top-12 fantasy QB on a points-per-game basis.
Kyler Murray, heading into his first season with the Vikings after signing as a free agent in March, is one of five players in NFL history to throw for more than 20,000 yards and run for more than 3,000 yards in his seven seasons.
Before last season, Murray had finished each of his first six NFL seasons as a top-12 fantasy QB on a points-per-game basis.
He's thrown for 121 touchdowns and 60 interceptions in seven seasons.
The former Cardinals QB also has 32 rushing touchdowns.
In the five seasons he's played more than eight games, Murray has averaged 91.8 carries a year. He's also averaged just over 456 rushing yards and 4.5 touchdowns on the ground per season.
But his QB2 2020 campaign (he ran for 891 yards and 11 touchdowns on 133 carries) demonstrates how high his rushing ceiling could be.
Murray is available as QB17 in Round 9.
That's Not Without Reason
Murray appears to be the frontrunner in the competition with J.J. McCarthy for the team's starting quarterback position.
According to ESPN.com's Kevin Seifert, Murray is believed to have a slight edge because of that elite running ability and the capability of varying the speeds and trajectories of his passes.
However, both players split reps with the first-team offense at OTAs, and McCarthy has demonstrated a firmer grasp of the Vikings' complex offensive scheme in recent weeks.
Reports indicate that head coach Kevin O'Connell will not take the entirety of camp and the preseason to make his decision.
If the season began today, multiple observers have told me that Murray would likely be the starter. We'll see if McCarthy can change that.
Assuming he beats out McCarthy, Murray will have the luxury of working with Justin Jefferson, Jordan Addison, Jauan Jennings, and T.J. Hockenson. Add that to his rushing ability, and the 29-year-old certainly could find his way into the weekly QB1 mix.
My QB17 ranking for Murray reflects his ADP. But as we gain clarity on the starting assignment this summer, expect my ranking to rise.
Anticipated Rushing Upside
With new Dolphins head coach Jeff Hafley and general manager Jon-Eric Sullivan both coming from Green Bay, it was no surprise they made a beeline for Packers backup quarterback Malik Willis in free agency.
Willis has played well when his number has been called over the past two seasons. He played at least 80 percent of the snaps in three games with Green Bay and averaged 23.3 fantasy points in those outings.
In those three contests, Willis averaged seven carries, nearly 60 rushing yards, and one rushing touchdown per game.
Over a 17-game season, that pace would easily exceed 100 rushing attempts.
You Know What That Means
That's the ticket to QB1 production. And Willis has demonstrated the ability to maximize those opportunities even further.
In 11 appearances in Green Bay (with three starts), Willis had 42 carries for 261 yards and three scores. According to ESPN.com's Ben Solak, that 6.2 yards-per-rush mark would rank fourth -- behind Murray, Baker Mayfield, and Spencer Rattler -- over the past two seasons among passers with 100-plus dropbacks.
Willis' 13 percent scramble rate and 11.8 percent explosive run rate would lead all QBs.
"This guy is a legitimate threat with the ball," Solak added.
What Do the Dolphins Think?
When Dolphins offensive coordinator Bobby Slowik was asked at a recent press conference about the things that excite him about Willis, he began his answer by saying Willis "can spin the ball all over the field."
The coach eventually mentioned Willis's ability to impact games as a runner, and that topic came up again later in the session.
Slowik was asked about the stress that Miami will be able to put on opposing defenses by pairing Willis with running back De'Von Achane.
"I'd say anytime you have a quarterback who can run, it's not something that you are going to do down-in, down-out in the NFL; but the threat of it makes it 11 versus 11, as opposed to 11 on 10," Slowik said. "So it's definitely a weapon, and it's a threat, and it's something you want a defense to think about, but I think no one in the NFL is coming out and just living in that world."
The Dolphins may not want to be living in that world, but there's little reason to think they would have made such a big bet on Willis while overhauling their receiver room if they didn't think of his legs as an asset to the offense.
What Should Fantasy Investors Think?
We shouldn't overlook Willis' impressive passing numbers in Green Bay -- he completed 70 of 89 passes for 972 yards, six TDs, and zero INTs -- but there are questions about the supporting cast on a team early in a rebuild.
That's why Willis sits at a conservative QB20 in my rankings.
But if Hartitz's trend tells us anything, it's that quarterbacks who threaten 100 rushing attempts don't have to be elite passers to become elite fantasy options.
That's why Willis' legs matter more than his ADP suggests.
And the perceived risk is mitigated by the cost. Drafting Willis as a second option at the position, as QB21 in the 10th round, could yield huge dividends.
The bigger takeaway is, if you're waiting on quarterback, prioritize inexpensive prospects with legitimate rushing paths over similarly priced pocket passers because rushing alone can elevate them into QB1 territory.
Buying Post-Injury Dips
We often focus so much on the injury that we forget to price the recovery. That's how proven quarterbacks become bargains. We have two notable examples -- with differing degrees of value -- heading into this year's drafts.
Jones Ahead of Schedule
As ESPN.com's Stephen Holder noted, Daniel Jones resurrected his career with the Colts in 2025, leading Indianapolis to new heights with its record-setting offensive performance during the first half of the season.
Through 10 weeks, when the Colts were 8-2, Jones led the NFL in passing yards and was top six in completion percentage and yards per attempt.
But a hairline fibula fracture in his left leg negatively impacted his performance in the following weeks, with Jones sustaining a season-ending ruptured Achilles in his right leg in Week 14.
Jones finished his abbreviated first season with Indy, completing 261 of 384 passes (career-best completion rate of 68 percent) for 3,101 yards, 19 touchdowns, and eight interceptions, along with five rushing touchdowns.
Although he was QB10 when his season ended in Week 14, Jones was QB5 over the first 10 games.
Everybody Wins!
With Jones at the helm, the Colts started the season with one of the most productive offenses in the league, averaging over 31 points per game through their first eight contests. While they slowed slightly after that, they were still putting up 28.1 points per game through the Week 14 outing when Jones went down.
Jones running the offense at peak efficiency would be great news for Jonathan Taylor, who finished the season as RB4. He was RB2 through Week 14.
Tight end Tyler Warren had an impressive rookie season, finishing the year as TE5. He was TE4 in 13 full games with Jones at the helm.
Taylor is being drafted as RB4. Warren's Average Draft Position (ADP) is TE4.
Even as we're paying like we expect the Jones-level production for both those players, Jones' QB25 ADP doesn't reflect that same confidence.
Why Not?
Jones progressed to 7-on-7 work during the team's offseason program, and the Colts quarterback expects to do everything at camp.
"I'm doing everything. Cleared to do everything," Jones said on Friday, via video from James Boyd of TheAthletic.com. "I think it's just about, at this point, sharpening that, getting more explosive, getting stronger, improving what you can do. I can do everything and feel really good doing it."
Even if you're not convinced Jones will be ready to go Week 1, investing an 11th-round pick to land him as your second quarterback could pay off in a big way.
Jones is QB16 in my rankings, and that will rise if he's working fully when camp opens.