UPDATED 6-10-09
 Rankings Legend

y = Age is assisting value
y = Age is hindering value

i = Injury history is assisting value
i = Injury history hindering value

b/b = Value helped/hindered by "Big-Play" bonus scoring leagues.

ppr/ppr = Player's value helped/hindered by point per reception scoring leagues (RB/WR/TE).

td/td = Player's value helped/hindered by TD-heavy scoring leagues.

sys/sys = Player's value helped/hindered by the system he's in and supporting cast.

int/int = intangibles.  Work ethic, attitude, shooting yourself in the thigh, gang affiliation, etc. 
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1. Andre Johnson HOU, Age: 28 b - ppr - int - sys

Last ranking: 2

6/8/09 Update: No real difference from last time, but I think the Texans are going to have a more consistent offense than the Cardinals in 2009.
A nightmare for opposing defenders off the line. Led the league in receptions and yards last year, and that was with starting quarterback Matt Schaub missing time. Only thing separating him and #1 on this list is touchdowns. 

 

2 Larry Fitzgerald ARI, Age: 26 y - i - b - ppr - td - sys – int

Last ranking: 1

6/8/09 Update: You have to wonder if Warner can hold it all together for another complete season. Not that there would be a huge dropoff for Fitzgerald, but at this point, every little bit counts.
Seriously. After the playoffs, did you really think anyone else could be here? This cat is the goods. One of the few wide receivers who could make just about any quarterback look very, very good. Will likely be picked by the mid/end of the first round. 

3. Steve Smith CAR, Age: 30 b - ppr - sys
The toughest wide receiver pound for pound or otherwise, end o’ discussion. Fearless and explosive, Smith can run any route with equal precision and is a threat to “house” it whenever he has the ball in his hands. Only downfall is that he hasn’t played a full 16 game schedule since 2005.

4. Calvin Johnson DET, Age: 24 y - b - ppr - td - int
Forget the WNBA, this guy's got “next”. Most everyone saw his talent coming out of college, and there were plenty that saw him breaking out last year, but did anyone really see him finishing fifth in the league in yards and tied for first in touchdowns in his second year in the league… with Dan Orlovsky as his quarterback? Sky is the limit, and I’m half tempted to put in him in tier one right now.

TIER TWO
 

5. Reggie Wayne IND, Age: 30 i - b - ppr - td - sys - int
Had a “down” year in 2008, if that’s possible with 1145 yards in 15 games (the Colts usually don’t play in week 17). Will turn 31 during next season, so time is not on his side, but with any kind of improvement from the o-line, the Peyton to Reggie connection should be good to go for at least one more year of elite status. 
 

6. Greg Jennings GBP, Age: 26 y - b - ppr - td - int - sys
Jennings became Aaron Rodgers top receiver in 2008, racking up nearly 1,300 yards and connecting for nine touchdowns. A very good route runner, Jennings will have every opportunity to become a fixture in the top 10 for years to come.

7. Randy Moss NEP, Age: 32 y - i - b - td - sys
Rest of this tier features some risk. Moss, is still one of the most dangerous deep ball receivers at 32 years old, but look carefully and you can see him quietly showing signs that the end is near. Value takes a hit in ppr leagues, and his yardage has been only pedestrian the last five seasons, 2007 notwithstanding. Saving grace is ability to score touchdowns, but truth be told, may actually be the riskiest of all tier 2 receivers with exception of Marshall.
 

8. Marques Colston NOS, Age: 26 y - i - b - ppr - sys - td
The number one receiver on the top passing team deserves to be on this tier on merit alone. But he is at the bottom of this tier because of history with injuries. Essentially missed first seven games of 2008, so if you prorate his stats last year, a healthy 16 game season would project out to approximately 1300 yards and nine touchdowns. That makes the risk worthwhile.

TIER THREE

9. Brandon Marshall DEN, Age: 25 y - i - b - ppr - td - sys - int
Should be number five on this list, but threat of bad decision making and loss of quarterback will keep his value down a little. But if he can keep his head on straight and Cutler sticks around, Marshall has the ability to be a tier one receiver in any scoring format. Would be nice if he became more of a threat in the red zone.

10. Roddy White ATL, Age: 27 y - i - b - ppr - int - sys
Improved on his breakout 2007 season with 1,382 yards and seven touchdowns, but disappeared during fantasy playoff weeks. Would like to see more red zone production, but that likely isn’t this year with continued focus on running game. Quarterback Matt Ryan is one of the best up and coming quarterbacks to work with.

11. Dwayne Bowe KCC, Age: 25 y - i - b - ppr - sys - int
He’s never going to be a long ball threat, but Bowe is pretty solid in just about every other aspect of his game. Hands? Check. Size? Check. Surrounding talent? Improving. Still young enough to work his way into tier two and this should be the year that he surpasses tight end Tony Gonzales as the primary receiving option.

12. Braylon Edwards, Age: 26 y - i - b - sys
There are whispers that he could get traded. That could actually be a boost to his value. Will drop more than his fair share of passes, but his combination of size and speed will always make him hard to cover, and I like Edwards to bounceback in 2009.
 

TIER FOUR

13. Antonio Bryant, Age: 28 i - b - ppr - int
Has always had the hands to be a legit number one receiver, but until last season, something was always getting in the way, and it was usually his attitude. Questions surround quarterback position in 2009, and arrival of stud tight end temper expectations for upside, but there should still be enough targets for Bryant to be very productive.  
 

14. Anquan Boldin, Age: 28  b - ppr - td - sys - int
Surpassed 1,000 yards in 2008, despite missing four games. Obviously Kurt Warner’s favorite target early in the season, but that was before Kurt Warner truly realized the greatness he had in Larry Fitzgerald. Possibility still exists for a trade, and destination would play a big part in his which direction his value goes. Right now, he’s an upper tier number twp receiver.

15. Santonio Holmes, Age: 25 y - i - b - ppr - int
This year he takes over as Steelers number one receiving option as Mother Nature has caught up with Hines Ward. Because of Steelers smashmouth run first offense, upside is limited in becoming an elite fantasy wide receiver, but as Ward showed us in previous years, the top target is still a productive fantasy player. 
 

16. Chad Ocho Cinco, Age: 31 y - b - td - sys - int
Lots of question marks surrounding Ocho Cinco. Quarterback coming off injury, loses premier number two receiver that eliminated many double teams, rushing game with Cedric Benson as its lead dog… do I need to continue? But of all these things, not many are because of Ocho Cinco himself. Sure he’s 31, and you wouldn’t draft him in a dynasty league, but this is a redraft league, and I think Ocho Cinco could surprise some with a mild comeback in 2009.
 

17. T.J. Houshmandzadeh, Age: 31 y - ppr – sys - int
Becomes the instant number one receiver in Seattle, and his skill set should suit the Seahawk offense well. Hasselbeck will look his way a lot in 2009, so he gets a boost in the ppr leagues. How high he can move up this list depends on how much o-line improves as well as the running backs.

18. Vincent Jackson, Age: 26 y - i - sys
Shhhhhh. Keep this one to yourself. Jackson very quietly became the Chargers top receiving option in 2009, after several years of untapped potential. And while the Chargers will look to re-establish the running game in 2009 and a healthy Antonio Gates could eat into targets, Jackson should continue to get plenty of opportunities for big plays.

TIER FIVE

19. Roy Williams, Age: 27 y - i - sys – int

Last ranking: 23

05-06-09 Update: The Cowboys did nothing to significantly upgrade their receivers in the wake of the Terrell Owens release, thereby giving the ultimate vote of confidence to Roy Williams. This situation is juicy if Williams can do his part.
If you want to twist my arm and put someone else here, you would get no resistance from me. Williams is here not because of who he is or what he has done throughout his career, but rather the situation that has been GIVEN to him. Even he can’t mess up being the top wide receiver option for the pass happy Cowboys, can he?
 

20. DeSean Jackson, Age: 22 y - b - sys – int

Gamebreaking wide receiver the Eagles have desperately missed since Terrell Owens left town. Still a little on the slight side, but forget about it if given an inch. Would benefit if he were the number two receiver for the Eagles as opposed to the clear cut number one option, but bottom line is that this playmaker will be productive.

21. Wes Welker, Age: 28 i - ppr - sys - int
Type of league dictates where he should be slotted. In point per reception leagues, feel free to bump him up to tier three. However, in high performance, touchdown-heavy leagues, Welker could be overrated. Past two years, he has 11 touchdowns in 223 catches. Five or six touchdowns a year requires a whole lot of yards if you want to go up in the rankings.
 

22. Bernard Berrian, Age: 28 y - b - td - sys - int
The only thing separating him and Vincent Jackson is the quarterback, and this year, Berrian could get an upgrade if Sage Rosenfels wins the starting spot in camp. Has the number one running back in the league forcing defenses to think run first, so with just a little more consistency, Berrian could jump up a couple notches.   
 

23. Eddie Royal, Age: 23 y - i - ppr - sys – int

Last ranking: 19

05/06/09 update: With Cutler out of town, I fully expect a letdown of sorts from the entire Broncos offense. Royal still makes for an excellent dynasty pick, but his immediate short term value absolutely has to take a downtick until we are able to see what Royal can do without Cutler.
Had a sensational rookie season when you account for his past. But development fully hinges on Jay Cutler staying in Denver. If Cutler leaves town, Royal’s value takes a huge hit. Don’t believe me? Look at Earl Bennett’s production when he was at Vanderbilt with Cutler and without Cutler. Cutler is that good.
 

24. Anthony Gonzalez, Age: 25 y - i - ppr - sys - int
I love me some Gonzalez this year. Couldn’t be in a better situation, and he has been developed nicely over the past two years, so this year begins the payoff for this former Buckeye standout. Could assume throne as top Colts receiver very soon.

 

25. Ted Ginn Jr. Age: 24 y - ppr
Not for the weak of heart. Ginn Jr doesn’t have anything going for him this year that screams starting lineup material for your fantasy team in 2008. He plays for a run-first offense with Chad Pennington as his quarterback, whose strengths do not suit Ginn Jr well. That said, I think this year, with a healthy Ronnie Brown toting the rock behind an improving offensive line, I think the Dolphins will have more freedom to find ways to include Ginn Jr into the gameplan. Don’t draft him here, but don’t be surprised when he ends up here.

 

Just missed getting two feet in:

Lance Moore, Lee Evans, Sidney Rice, Santana Moss, Kevin Walter, Steve Breaston, Donnie Avery, Terrell Owens, Michael Crabtree, Kenny Britt.