Colt McCoy to the Browns, Fantasy Spin
Sure, he was too good a value for the Browns (who currently employ Seneca Wallace and Jake Delhomme) to pass on during the third round, but it seems highly unlikely that he'll be a big contributor now, and even his long-term value has to be considered questionable.
Rookie signal callers are virtually undraftable in fantasy football anyway, unless you happen to have one of those leagues that heavily rewards quarterbacks or requires you to start two -- if McCoy isn't cemented as the starter for Cleveland heading into 2010, there's no reason to even consider him during your draft.
If some odd circumstances evolve where McCoy is the starter for Week 1, then he has to be considered a late-round flier in seasonal leagues at best.
Dynasty owners should probably still be bearish on McCoy, if only because the "but Drew Brees is short too!!" claims coming from McCoy's supporters actually serve as a negative factor: Colt McCoy is not Drew Brees. And the Browns wideouts and offensive line are not the Saints.
On the other hand, if Mike Holmgren can cause Eric Mangini to create a "poor man's Matt Hasselbeck," in two or three years, McCoy could become a reasonably valuable addition to a fantasy team. The only problem is that it's too much of a longshot to warrant an investment that remotely resembles high.