Here are my criteria:
1. Best available: pretty obvious

2. Hype: This is a big factor I think you forgot. The more talked about a prospect will be in the coming year, the more likely other owners will know who he is, and the more likely you will be able to include him as a throw in to cement a midseason trade.

3. Major league readiness: The closer a guy is to being called up, the more value he has, both for trades (see Hype), and to help you down the stretch when injuries take your veterans.

4. Starting pitching over hitting: My league rules happen to favor pitching, both in quality and quantity, but everyone should think about putting pitching first. If there’s a chance that a guy can become my fifth or sixth best starter after a midseason call up, I take it. You don’t need more than one or two players at each batting position in most leagues, but you can always use more starting pitching down the stretch.

Matt Harvey last year is the best example of a prospect that met my criteria. He was a huge help after he was called up, and in the offseason I was able to package him in a deal with Ellsbury to get Cliff Lee and Goldschmidt.

One more rule: Never draft a pitcher already projected to be a closer or reliever. There’s already too many uncertanties gambling on closers. Why would you add the lack of a major league track record to that?

For hitters, contact skill is paramount. You can’t drive the ball if you don’t square up on it, and grooved swings will be avoided as hitters progress (why I can’t stand Mike Olt). I make some exceptions there when the power is elite, which is why I drafted Stanton and Miguel Sano, but I love a batter who can control the bat (that’s how I ended up with Taveras in both my NL keepers). Of course it’s nice to have infielders rather than outfielders, but chasing positions often nets inferior talent. I probably wouldn’t put that as high as #2 both because of the potential for later changes and because elite skills are valuable wherever they end up.

Like anything draft/auction-related, though, the most important thing is always to beat the hype. Everyone sees Bryce Harper coming, but you can get an 18/19 year old Jesus Montero or Julio Teheran at the end of the reserves if you identify them as worth rostering before the prospect sites do (this can also mean drafting college players a year before their draft class if they’re truly elite and your league allows it). Just going by FanGraphs or Baseball America lists means that you’re using the same plan as your competition, whereas digging a little deeper finds gems and gives you the heady feeling of “discovering” a talent, something that helps to dull the frustrating of not winning a league.

AL Keeper: Dylan Bundy, Mike Zunino, Byron Buxton, Miguel Sano, Gary Sanchez, Nick Franklin, Hak-Ju Lee, Blake Swihart
NL Keeper: Oscar Taveras, Javier Baez, Brian Goodwin, Shelby Miller, Tyler Skaggs, Julio Teheran, Casey Kelly, Gerrit Cole, Matt Szczur, Brandon Nimmo

Thanks!!!!!!!

Rob Brantly might not be a glamorous pick, but value is value and a catcher who is guaranteed playing time is worth a lot more in fantasy than the 19 year old 2012 first rounder who put up impressive numbers in rookie ball.

In a draft like this I’d look for 5 players who could contribute this or at latest 2014, and fill the rest with players I’d hope to trade. Even though you can always find pitching in fantasy, I’ve found I can trade a highly touted prospect for a lot more than I can trade the 4th starter I picked up off waivers. In that context, a guy like Arodyz Vizcaino going in the final round could look like a major steal.