Going into a draft, you should have a plan, but also remain flexible. Deciding when to take your WR1 will set off a chain reaction that will ripple through the rest of your wide receiver picks, and your picks/strategy at other positions. Let's break down a few ways that your top three wide receivers will come together in the first seven rounds, and a target list for wide receivers to zero in on later in your draft.
Plan A- WR1: Fourth Round
With one of Victor Cruz or Danny Amendola often there and one of Nicks/Nelson/Wayne almost guaranteed, it isn't scary at all to wait until the fourth round to get your WR1.
Plan B - WR1: Fifth Round
Believe it or not, there's a reasonable chance that Nicks and/or Nelson will be there in the fifth round too. Pierre Garcon is an acceptable fallback. Going for some combination of 2-3RB/stud TE/Brees to start your draft isn't crazy.
Plan C - WR1: Third Round
Larry Fitzgerald or Andre Johnson can certainly approach their second-round peers and put up triple-digit reception numbers. If you have two top running backs socked away and want to chance Gronkowski falling to the fourth, this can work.
Plan D - WR1: First/Second Round
I'm not going to talk you out of Calvin Johnson in the first, or Dez Bryant/AJ Green in the early second. Nor will I knock a Demaryius Thomas/Julio Jones pick in the late second. But for the love of Pete Rozelle don't take another wideout until the sixth round.
Plan A - WR2: Fifth Round
Wayne, Nelson, Nicks, Garcon rinse/repeat. Your in case of emergency, break glass wide receivers are Eric Decker or Torrey Smith. That's not an emergency at all.
Plan B/D - WR2: Sixth Round
Decker or Smith could leak through here, or another Smith - Steve. I don't even mind a Cecil Shorts or Mike Wallace pick here. You can afford multiple boom/bust picks at wide receiver this year.
Plan C - WR2: Fourth Round
I don't love it, but if you really want to get a stranglehold on wide receiver and running back and you're willing to slough tight end - or alternatively, you want a stud RB1, WR1, and TE early and you're willing to go RB2BC. I will admit that a start like Fitzgerald/Amendola at wide receiver is worth pondering in a PPR league.
Plan A - WR3: Sixth Round
You've got your top two running backs, top two wide receivers, and either a stud TE or a third running back in tow. You can feel free to go for upside here and the sixth round group of TSmith/SSmith/Decker/Shorts/Wallace are all good boom/bust WR2 types that will give your team extra punch at wide receiver to make up for the advantage some teams might have at WR1.
Plan B/D - WR3: Seventh Round
If Shorts doesn't leak through, you should be able to get Kenny Britt or Josh Gordon in this round. Again, it's your WR3, so go for ceiling! You can get a solid floor WR3 later for a lot cheaper but wide receivers with real WR2 potential dry up around this point in your draft.
Plan C - WR3: Sixth/Seventh Round
With a combination like Fitzgerald and Amendola already on your roster, go for in the kill with one of the high ceiling wide receivers mentioned above.
Bench WR - All Plans
Depth at wide receiver is at all-time high, which makes sense because passing numbers are also at an all-time high. When top-end passers like Eli Manning, Ben Roethlisberger, and Matt Schaub aren't even in the top 12 fantasy quarterbacks, you know that there's more than enough passing production go around. You should be concentrating on wide receiver depth and your quarterback pick in the 8th-12th round range. After the 12th round, you might still find some values that are too good to pass up. Here are the best targets in two-round ranges:
8th/9th Round
Cecil Shorts, JAX
Tavon Austin, STL
Kenny Britt, TEN
Josh Gordon, CLE
Miles Austin, DAL
Mike Williams, TB
Chris Givens, STL
10th/11th Round
Golden Tate, SEA
DeAndre Hopkins, HOU
Vincent Brown, SD
Emmanuel Sanders, PIT
Justin Blackmon, JAX
Alshon Jeffery, CHI
Sidney Rice, SEA
Kenbrell Thompkins, NE
Kendall Wright, TEN
Michael Floyd, ARI
12th-13th Round
Rueben Randle, NYG
Brian Hartline, MIA
Ryan Broyles, DET
Denarius Moore, OAK
14th Round and Later
Percy Harvin, MIN (Assuming 20 or more roster spots)
Cordarrelle Patterson, MIN
Markus Wheaton, PIT
Andre Roberts, ARI
Jeremy Kerley, NYJ
Dexter McCluster. KC
Darrius Heyward-Bey, OAK
Greg Little, CLE
Julian Edelman, NE