The TL:DR; version: If he’s there in the later rounds (say, ninth round or later in a 12-team league), I’m drafting him.
Even if I already have two QBs. Even if the Jets swear up and down the Sanchez is their man. Even if the Jets don’t appear to have any plans to use him as anything but a plain vanilla backup QB.
Of course, he won’t be there in the late rounds. There will be a true believer in every draft who reaches for him in the fifth, and that person is crazy. But his true draft value is still a lot higher than any other backup QB on a team that just reaffirmed its commitment to the incumbent starter with a contract extension for two reasons:
First, Sanchez is terrible, and even worse when the pressure is on. With the NY press second-guessing at his every throw from training camp on, he’s going to come out of the gate looking like the worst $40 million anyone ever spent on anything.
Second, there’s no way in hell Rex Ryan leaves him to rot on the bench even if Sanchez does keep his job. When your first-string QB is Mark Sanchez, you’ve got the perfect Wildcat QB on your roster, and your new offensive coordinator is Tony Sparano (AKA the guy who invented the Wildcat), you run the Wildcat. A lot. That alone doesn’t make him worth a fantasy start, but if they find other ways to get him involved, he could become an interesting option even as a backup.
I guess the most interesting question is: Who will get picked earlier in drafts this year, Sanchez or Tebow?