Preseason can and will change the thought process so much going into drafts that it's almost silly to project too much in May. But at the same time, it's too damn fun not to, and it's really never too early to start at least forming opinions. They don't have to be set in stone, but it never hurts to build a draft board early and use the preseason to make mostly small adjustments. Staying a step ahead of the curve in this way will often lead to a more successful draft outcome.

When you categorize players, it makes constructing a loose draft board that much easier. And this early in the process, certain categories are simply more clear than others. Over the next two days I'll look at the two easiest to peg: the high-risk starting options and the mid-round upside guys. Starting with the risky propositions, I've ranked the starting caliber players I view as the five riskiest picks based on how highly they would need to be drafted, with one being the highest risk and five the lowest. For each, I've detailed why they're iffy and whether or not I think they're worth the gamble. As a bonus I've got five honorable mentions that just missed the cut because they can either be had lower or they carry less risk.

1. Kenny Britt, WR (TEN)
- Britt scares me and excites me about as much as any player in the league right now. When healthy the past two seasons, he's been an absolute beast, with a little over 1,000 yards and 12 scores in basically 14 games. His size and athleticism makes him a major matchup problem for any defensive back that doesn't have his own island, and his penchant for the big play rivals any receiver in the game. If Britt matches just the 12 games he played in 2010, he'd still be a steal at the ADP of 74 he's currently going at on Mock Draft Central. That is, if he's at full strength for those games. Coming off a torn ACL and MCL in his right knee, there's a very legitimate chance that Britt, who relies heavily on his speed and leaping ability, won't be able to play up to his usual elite level. And there in lies the fear. As of now, Britt is a question mark for the start of the season. He needed an arthroscopic procedure to his injured knee just a couple weeks ago and it's become increasingly unlikely that we'll get to see him test that knee much, if at all, in the preseason. Throw in the addition of rookie first-round pick Kendall Wright stealing targets and the uncertainty the Titans have at quarterback and you have a prognosis that screams "proceed with caution." Personally, I wouldn't touch Britt as anything more than my third receiver, but would be happy to do so in most leagues if he fell as far as he's currently going. At that point, the potential reward outweighs the risk.

2. Jamaal Charles, RB (KC)
- When a player relies on his explosive speed and ability to cut on a dime to produce, a torn ACL is generally the worst thing that could happen to that player. So what do you do with a guy like Charles, who not only has to overcome that exact injury, but now also has to contend with a healthy and bruising Peyton Hillis for carries in an offense in which Hillis excelled highly in when he played under offensive coordinator Brian Daboll in 2010? If his knee can regain the strength and flexibility that made him dominant prior to his injury, Charles could be exceptional in such a run-friendly offensive system even if he splits reps with Hillis. But that's a major "if." While he claims to still be the fastest player on his team despite being in the midst of the recovery process, Charles will need to prove it and then some during the preseason to convince me he's worth the top-30 or so pick it would require to own him. I took that risk by taking Charles in the 3rd round of a RotoWire mock draft several weeks back (29th overall) and in hindsight I'd let someone else take that chance and opt instead to get similar value with his backfield mate Hillis about 30-40 picks later.

3. Darren McFadden, RB (OAK)
- 13, 12, 13, 7. In four seasons those are the number of games that McFadden played each year. The man simply cannot seem to hold up for a full 16-game slate. With Michael Bush moving on to Chicago and more carries in Run DMC's immediate future, it's extremely hard to think anything will be different in 2012, particularly with McFadden coming off a Lisfranc foot injury that basically cost him the final 10 games of 2011. Nevertheless, McFadden is supremely talented and has the extreme upside to be the top overall fantasy back if he can actually survive 16 straight games. So naturally he comes with a fairly high price tag. If his current ADP of 26 (according to Mock Draft Central) holds throughout the summer, McFadden becomes a worthwhile risk/reward player if he can be had as a team's No. 2 back or if he's followed closely by two other safer, more durable rushers. His upside is just so ridiculously high that McFadden's extensive injury history has to be ignored at some point, and 25 picks into a draft seems a safe enough point to me.

4. Mikel Leshoure, RB (DET)
- Leshoure is an enigma wrapped in a riddle wrapped (or I should say rolled) in marijuana. Having yet to play a single down in the NFL—pre or regular season—and coming off a torn Achilles and facing a possible suspension after being caught eating some wacky tobacky, Leshoure appears at face value to be virtually all con and no pro. But a quick second glance will reveal a powerful back with good speed and elusiveness in a borderline elite offense that is otherwise just manned by Brittle and Brittler in Jahvid Best and Kevin Smith. Best is one hard knock on the noggin away from retirement, and that's if he's ever actually cleared for contact. Even when healthy, Best's skillset begs to relegate him to third down work. Smith is built more for everydown work, but his ankles and knees are about as stable as a two-legged chair. With neither being as gifted as Leshoure or durable enough to last half a season, I fully expect the former Michigan Wolverine to dominate the backfield touches from the moment he steps on the field. As Demaryius Thomas proved last season, a torn Achilles is not something that will necessarily make a player lose a step. So the only issue I believe that will prevent Leshoure from being a top-20 back is a likely suspension. If it ends up being just two games, I absolutely love him at his current ADP of 105 overall (according to MDC).

5. Peyton Manning, QB (DEN)
- It's all about the contact. Right now, that appears to be the only question remaining that could negatively impact Manning's value. Plenty of naysayers will make claims that the new offense and new teammates will slow down this all-time great, but I beg to differ. If Manning can absorb the hits and keep slinging it with his usual velocity and accuracy, I'm buying him all day as a top-5 quarterback, or at worst top-7. After the usual suspects of Aaron Rodgers, Tom Brady and Drew Brees, the only other guy I like over Manning this year is Cam Newton. With Thomas and Eric Decker on the outside, tight ends Jacob Tamme and Joel Dreessen and Andre Caldwell in the slot, Manning has plenty of talented weapons to disperse the ball to and a run game that should create a well-balanced attack. Additionally, I fully expect him to be as focused as ever to prove that he's still one of the game's best, especially with his little brother coming off a second Super Bowl MVP. His current ADP of about 53 (per MDC) will likely rise into the 30's when he looks sharp during the preseason and proves that he can take a hit. And at that point in the third round of any draft, Manning will be a great value.

Honorable Mention:

Beanie Wells, RB (AZ) – He's rehabbing from an offseason knee surgery that was supposedly "minor" despite cloudy details, will have to concede carries to a more dynamic Ryan Williams and will be in an improved passing offense. Without even taking into account his injury history, I wouldn't touch Wells.

Ahmad Bradshaw, RB (NYG) – He should start the season off as the team's go-to back, but when his feet start to fall apart again the younger, quicker David Wilson could supplant him as the lead dog. Personally, I'd rather pay the much cheaper price tag for Wilson.

Sidney Rice, WR (SEA) – His lengthy injury history makes it tough to justify taking Rice as a starter, particularly coming off surgeries to both shoulders and a season ended by concussions. Nevertheless, the talent is there if he gets on the same page early with Matt Flynn. I like him a lot more if he falls into the 100's.

Antonio Gates, TE (SD) – Gates has battled through a lot of injuries the past two years, yet he's still hauled in 17 scores and was on pace for a Gronk-esque season in 2010 before foot issues derailed him. With Vincent Jackson out of town he is tantalizing, but I wouldn't trust him for a full season again. Ever.

Adrian Peterson, RB (MIN) – If AP goes on the PUP list, I'll let someone else deal with the missed games. But if he's PUP-free come late August I'll buy as early as the third round, and the second for sure if he's expected back Week 1. There are just too few talents like him.