Well, what might that draft look like?
Assuming QB-RB-WR,WR-TE-FLEX-K-DEF-6xBench (total of 14)
Round 1: Joseph Addai, RB, Colts
Round 2: Maurice Jones-Drew, RB, Jaguars
Round 3: Marques Colston, WR, Saints
Round 4: Adrian Peterson, RB, Vikings
Round 5: Calvin Johnson, WR, Lions
Round 6: Jay Cutler, QB, Broncos
Round 7: Jerious Norwood, RB, Falcons
Round 8: Santonio Holmes, WR, Steelers
Round 9: Brandon Jackson, RB, Packers
Round 10: Greg Jennings, WR, Packers
Round 11: JaMarcus Russell, QB, Raiders
Round 12: Owen Daniels, TE, Texans
Round 13: Dwayne Bowe, WR, Chiefs
Round 14: Ted Ginn Jr., WR, Dolphins
Round 15: Stephen Gostkowski, K, Patriots
Round 16: Craig Davis, WR, Chargers -OR- Team Defense (if required at time of draft)
...for a final roster of...
QB: Jay Cutler, JaMarcus Russell
RB: Joseph Addai, Maurice Jones-Drew, Adrian Peterson, Jerious Norwood, Brandon Jackson
WR: Marques Colston, Calvin Johnson, Santonio Holmes, Greg Jennings, Dwayne Bowe, Ted Ginn Jr., Craig Davis
TE: Owen Daniels
K: Stephen Gostkowski
DEF: none (pick up before Week 1)
If you were willing to compromise and not have a rookie/2nd year kicker, you could leave out Gostkowski and draft another WR. The roster is WR-heavy because it is difficult to tell which rookie WRs will start this early. The more you have, the better. I'd go for Sidney Rice or Anthony Gonzalez. Then, drop a non-starting WR and pick up your kicker along with your defense before Week 1.
As expected, the roster is weak at WR; acceptable at RB; passable at starting QB but no depth. I'd predict a 6-7 season, no playoff appearance.