Let’s take a look at our third group of fifteen starters, the SP3 tier. Predictably, by the time you are looking at your third or fourth fantasy pitcher, the candidates begin to thin out and the valuations of the players vary wildly. Consider that this tier goes all the way from Matt Garza (119.67 ADP) down to Wade Davis (306.98). One is a pitcher on the rise with plenty of reasons to for a fantasy manager to get excited, and the other is a youngster just battling for a spot on the roster. Let’s focus on two pitchers that stretch the range and might provide good return on your investment.

Scott Baker (148.34 ADP) is currently a relatively cheap pitcher, going in about the twelfth round of a twelve-team mixed league. You can denigrate his lack of strikeouts (6.88 K/9 career), but there are plenty of other things to like about this young man. Take his walk rate (2.05 BB/9 career), for example. It’s been virtually identical over the past two years, even (2.19 in 2008, 2.16 in 2009), so he’s got that going for him. If you’re looking for flaws, he’s certainly a fly ball pitcher (33.7% GB, 45.4% FB career) and he’s had troubles with the home run (see last year’s 1.26 HR/9) that have inflated his ERA from time to time. Those that follow the Twins might have heard this record before (see: Kevin Slowey).

It’s a little worrisome that he’s moving to a new park, but at least one person thinks will play as a pitcher’s park (AL Petco!). Either way, if the park plays at all similarly to the Mall of America Field, which played between a 1.11 and .896 park factor for home runs over the past three years, he should actually be in for some regression in the home run department. That regression could even get him back to his excellent 2008 levels. (A note: all but nine parks played within that range last year, so it’s likely that Target Field will, too. Also, climate and altitude, not explicitly covered in the above study, are a big part of how a park plays. Those should be similar in the new park.) He still limits walks, he still has a good fastball/slider combo, and he’s still getting batters to reach on 30+% of his pitches outside the zone. The possibility of a high-threes ERA and low 1.2s WHIP is worth a 12th round pick.

It’s not often that a pitcher improves his underlying statistics and loses ground in his more visible numbers, but Gavin Floyd (185.06) pulled off that feat from 2008 to 2009. Here is the full list of component statistics that Floyd improved: strikeout rate, walk rate, home runs per nine, ground ball rate, fly ball rate, O-Swing rate, and contact rate. You got that? And yet somehow, his ERA went up to 4.06 from 3.84 – mostly because his BABIP normalized (from .268 in 2008 to .292 last year). Since his ‘luck’ stats were about where they should have been last year, most of the projection systems say that Floyd will repeat his year, perhaps with a little ERA inflation due to the difference between last year’s nice home run rate (.98 HR/9) and his career number in that category (1.37).

Here’s one thing, though: Floyd has not yet figured out the optimal mix of his pitches. His fastball is not a great pitch (-46.3 runs for his career), and so he’s using it less (47.8% last year, down from 66.7% in 2006). For the last three years, the pitch has begun to find a niche around the scratch level (-4.9 runs last year), and his other pitches have zoomed forward in productivity as he has relied on them. His slider (+7.5 runs) and curveball (+14.1 runs) both hit career highs last year. Even though Floyd threw his fastball ninth-least in the majors last year, he could throw it less (!) since he once threw his curveball regularly over 20% of the time before settling in around 18%. The point isn’t to say that Floyd will throw the fastball less and the curveball more and succeed – the point is that he’s a pitcher available in the fifteenth round that has a floor around the low fours in ERA, should put up a WHIP lower than 1.3, and is not finished figuring out the optimal mix of his pitches. There’s value there, no?