Re: How legit is Colbert
You have to look at the odds. If you go into the draft counting on your 1st round pick to be a starter by the end of season 1, and your 2nd rounder to start during season 2, then you made out well. 3rd round and later are just warm bodies half the time. There are charts out there with odds, but after like the 4th you're looking at a huge percentage favoring a bust.
Of those guys you mention...Hood, Heyward...they would likely be starting right now on almost any other team in the league. Guys like Spaeth, Dwyer, and Redman...later round/undrafted guys, and they've performed about as expected...career backups. Sure, you can grab punters and kickers in late rounds and get a star, but if you want a guy you can bet the farm on to start day 1 at a skill position, you better be high in the 1st round.