I think you're definitely on to something here. Like some people have said, there are some issues with injuries and such, especially with those situations where we don't really know if a player will play or not until Saturday.
But outside of that, there's PLENTY to cover on a week-to-week basis.
Weekly rankings are a great place to start, and it may be possible to integrate some of those formulas that people have come up with for ranking different positions.
You could also do a breakdown of the past week, determining what performances were an abberration and which ones were set to become the norm, among other things.
I definitely like the idea.