With all this year's organized team activities (OTAs) and mandatory minicamps behind us, the NFL is about halfway through its annual break before training camps start rolling out later this month.
So far, there hasn't been much in terms of NFL news during this lull in the action. But for fantasy managers who take their preparation seriously, there is no downtime.
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That's why the Fantasy Notebook is using this time to roll out a position-by-position series on underrated players. Two weeks ago, it was Underrated Running Backs. Last week, we covered Underrated Wide Receivers.
This week, we're rolling through Underrated Tight Ends. We started on Monday with Fringe TE1s with Upside. Tuesday, it was Forgotten TE1 Upside. Yesterday was Ascending But Still Unproven Talent.
Today, we'll look at a group of outliers in interesting situations and try our hand at . . .
Playing the Tight End Lottery
There's a real opportunity to be had at other positions if you wait on your tight end. How long is too long? Well, waiting until the very end of the TE2 group -- or longer -- would be taking your chances. But I have some lottery tickets if you're willing to bet on traits, roles, or changing situations.
When Good Enough is Good Enough
Not every lottery ticket has to hit the jackpot. Sometimes the winning ticket is simply the one that cashes.
Tight end Dalton Schultz was the Texans' No. 2 receiving threat for quarterback C.J. Stroud in 2025.
He finished the season with a team- and career-high 82 catches and 777 receiving yards, second on the team behind Pro Bowl wideout Nico Collins (1,117).
The Texans thought enough of that to extend Schultz this offseason, signing him to an additional year worth $12.6 million.
The former Stanford standout was a fourth-round pick by the Cowboys in 2018. He spent five seasons in Dallas before moving to Houston.
For his career, Schultz has totaled 4,066 receiving yards, 27 receiving touchdowns, and 405 receptions over eight seasons.
A Fantasy Afterthought
Schultz has been one of the league's most consistent tight ends over the past six years, but with the exception of one season, he hasn't been a high-end fantasy producer. As ESPN's Mike Clay noted, Schultz was fantasy's No. 3 tight end in scoring while he was in Dallas in 2021.
Still, he's been more serviceable than horrible as a fantasy asset with three TE10 finishes in the past four seasons.
Checking my math . . . That's TE1 territory in leagues with at least 10 teams.
Yes, touchdowns have been an issue.
In 2025, Schultz ranked sixth or better at the position in targets, catches, and yards, but he found the end zone only three times and has now cleared five touchdowns once in his career (eight in 2021).
Shouldn't We Like Him Better?
As Footballguy Gary Davenport explained in the 2026 Footballguys Draft Guide, fantasy investors don't want a $2 scratch ticket that might pay off 10 bucks.
"They want a Powerball ticket," Davenport wrote. "And that's fine. But there are times when a high-floor, low-ceiling veteran can be a lifesaver in fantasy. When your starter gets hurt. When the bum you drafted to be your starter is, you know, a bum."
Schultz was one of eight tight ends who were targeted 100 times last year. Only three tight ends had more receptions. Only five had more receiving yards.
He's available as TE23 in drafts this year. I have him at TE19.
If you're looking for a second tight end capable of delivering starter-level outcomes in the 14th round, Schultz will be waiting for you.
A New Titan at the Helm
As Sports Illustrated's Michael Fabiano recently noted, Titans tight end Gunnar Helm quietly had a respectable rookie season with 44 catches and 91.7 fantasy points while playing second fiddle behind Okonkwo.
Those 44 catches rank 11th among rookie tight ends over the past decade.
So if that isn't enough to pique your interest, Helm will be looking to cash in on the 79 targets vacated when Okonkwo left.
Fabiano argues that it's notable that Helm built a strong rapport with quarterback Cam Ward during their respective rookie seasons, making Helm even more attractive.
Reasons for Concern
Then the Titans signed former Giants tight end Daniel Bellinger to a three-year, $24 million deal, which is just outside the top-20 contracts for tight ends around the NFL. Unquestionably, the Titans are paying Bellinger like a starter, while Helm was a Day 3 pick last year.
Still, Helm's established chemistry with Ward, his production last year, and the team's willingness to let Okonkwo move on in free agency are all positives.
All of this explains why Helm, going as TE27 in the 17th round, is a free-square play with an intriguing range of possible outcomes.
But Is There Upside?
Helm, who ESPN's Mike Clay notes caught a healthy 79 percent of his 56 targets, wasn't much of a fantasy option as a rookie (5.7 PPG), but with Chig Okonkwo out of the picture, the second-year man is positioned for a much larger role in his second season.
Second-Year Breakout Coming?
According to SI.com's Blaine Grisak, if there is one player on the Los Angeles Rams offense with high expectations heading into 2026, it's second-year tight end Terrance Ferguson.
Ferguson didn't produce a lot as a rookie, but the flashes were certainly evident.
As the Rams transition to more 13 personnel this season, Ferguson will play a larger role in the offense.
He is arguably the most important player in that transition, and his skill set should unlock what the Rams want to do.
The Rams began using 13 personnel packages on offense last season and will look to lean into that in 2026 as it becomes their identity. While he may have only had 11 receptions as a rookie, he averaged 21 yards per reception and showed an ability to win down the field. Despite taking receivers off the field in 13 personnel, the Rams don't lose any explosiveness with Ferguson.
And the Rams Have Faith
Team officials, coaches, and teammates believe Ferguson is already on the cusp of a sophomore leap.
"[S]everal people in the Rams' building have pointed to Ferguson as a player they think will take a big step forward in Year 2," ESPN.com's Sarah Barshop wrote in identifying Ferguson as the "surprise" player of the team's offseason workouts.
Fellow tight end Tyler Higbee said while the position is "one of the toughest" spots to transition from college to the NFL, Ferguson has "got it."
"He's going to be a great player," Higbee told Barshop.
What's the Plan?
As Grisak explained, a big reason the Rams are transitioning to 13 personnel is the mismatches it creates. Taking wide receivers off the field and getting heavier on offense forces defenses to get into their base personnel. Ferguson's ability to line up as an in-line blocker, but also out wide, creates mismatches that Sean McVay wants to exploit.
Of course, the Rams have considerable depth at the position. But Grisak contends that no other tight end on the roster can do the same things as Ferguson.
Ferguson brings a unique combination of size and speed. While the Rams could still operate out of 13 personnel with Davis Allen or Max Klare in Ferguson's place, the offense would feel different.
What's the Fantasy Logic?
Whether you're interested in Ferguson will depend on league size and your style of play.
Do you like to draft a second tight end with breakout potential over an uninspiring veteran (we're looking at you, T.J. Hockenson and Cade Otton) late in your drafts?
As Clay argued, Ferguson very well could emerge as the top pass catcher of the position group in the Rams' elite offense. The 23-year-old saw five end-zone targets as a rookie. With his TE29 ADP, he's on my list of late-round lottery tickets.
If he can take the next step in his development, you'll look like a genius. If Ferguson fails to meet the optimistic expectations, you'll be able to recover from the 17th-round price paid to take a chance on him.
More Optimism of the Unknown
Don't look now, but reports out of Miami following the team's OTAs and mandatory minicamp indicate that tight end Greg Dulcich emerged "as one of the primary targets" in the passing game this spring.
According to ESPN.com's Marcel Louis-Jacques, during the team's final open minicamp session, quarterback Malik Willis demonstrated clear trust in Dulcich, who was one of the best tight ends in the league last season at making plays after the catch.
He returned from injured reserve in Week 8 and finished the season averaging the second-most yards after catch per reception (7.6) in that span.
Room for More This Year
After parting ways with Tyreek Hill and trading Jaylen Waddle, the Dolphins signed a few free-agent wide receivers and drafted three more in April. Still, last year's strong finish and his early rapport with Willis are good signs for Dulcich.
Dulcich needs to work to become a reliable run blocker and pass protector, but the team drafted TE Will Kacmarek for in-line duties.
Still, Dulcich has the inside track on the starting job in an offense without much in the way of proven receiving assets.
Is He Draftworthy?
In best ball drafts, where late-round dart tosses are the norm, singling out players with roles that will allow them to easily outperform their price is the name of the game.
And Dulcich, available as TE31 in Round 18, is on the list.
Harris was the FSWA's first-ever Football Writer of the Year back in 2004; he was inducted into that organization's Hall of Fame in 2013. During the season, catch Harris every weekday morning on the Footballguys Daily Update Podcast, your 10-minute daily dose of NFL news and fantasy analysis. You can also listen to Harris daily on SiriusXM Fantasy Sports Radio's The Football Diehards show and Sundays on the SXM Fantasy Football Pregame show on Sirius channel 87, and Saturday nights on SiriusXM NFL Radio, Sirius channel 88.
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