Last week we told you that Philadelphia quarterback Kevin Kolb was the most overvalued — not overrated — quarterback in fantasy drafts this summer.

I wanted to clarify that a little further before going on, because I got in a lot of hot water last summer when I gave Philip Rivers the same moniker.

Overvalued does not mean that Kolb will be a bad football player or a bad fantasy quarterback. It does not mean I think he sucks and should not be the Philly starter. Clearly, he is the man for that job.

What overvalued means, in terms of fantasy football, is that Kolb is being taken too high for where I think his numbers will bear out this season. For example, I was wrong about Philip Rivers last year. He finished with 29 total touchdowns, 4,200+ passing yards and nine interceptions. Those numbers were good enough for a final ranking of eighth among fantasy quarterbacks.

Kolb, to continue the example, is being taken as the eighth quarterback in mock drafts this summer. That means fantasy owners should expect to get similar numbers from Kolb this year as Rivers produced last season.

Do you think Kolb can produce a 29-touchdown, 4,200+ yard season with fewer than 10 interceptions? If so, then you might think he has the right value. I, on the other hand, do not think he will hit those numbers. Therefore, overvalued.

Same principle applies to this year’s overvalued and undervalued fantasy running backs, which you can discover below.

The Most Overvalued Fantasy Running Back in 2010

Ryan Mathews, Chargers

When I browsed the average draft position of all the running backs taken in mock drafts currently, Mathews name stuck out like a sore thumb.

Pretty easy to pick on a rookie, I know. Lame, right?

But fantasy owners are taking a risk — a HUGE risk — by taking Mathews so early in fantasy drafts (11th among running backs, round 2.08 on average). The guy, relatively unknown until the NFL Combine (and even then, most football fans had never seen him play), has yet to take a handoff in the NFL. And fantasy owners are drafting him like a three-year veteran poised to hit his stride.

Risky business, fantasy owners.

My thought on the matter is that owners who take Mathews will have to alter their draft strategy slightly to include a contingency plan. That means taking another running back, a back-up perhaps, a round or a few rounds after taking Mathews. So instead of building starters at other positions, Mathews’ owners are building a bench capable of replacing him should he stumble in the 3rd, 4th and/or 5th rounds of fantasy draft.

We all know that fantasy is a game of risk/reward, however, and Mathews clearly has the best setup of any rookie this season. Perhaps he will be able to step right in and produce a season worthy of his high average draft position.

Perhaps.

Others: Ray Rice, Ravens; Steven Jackson, Rams

The Most Undervalued Fantasy Running Back in 2010

Ryan Grant, Packers

On the flip side of Mathews is Grant, a guy being taken two spots below the rookie and a round later on average. But Grant, a veteran and proven fantasy football star, has just as good a situation as Mathews if not better. And much LESS risk.

Fantasy owners with early 3rd round picks can steal Grant, who would make an excellent RB2 to pair with your top  pick of Adrian Peterson, Chris Johnson or Maurice Jones-Drew. In a scenario like that, a fantasy owner could draft a player like Miles Austin, Brandon Marshall, Roddy White or even Peyton Manning at the end of the 2nd round.

What a trio of players — and the start of a solid fantasy lineup — that would be. Championship!

Others: Brandon Jacobs, Giants; Marion Barber, Cowboys