It really depends on if you subscribe to the "run" theory. By run, I don't mean runningback, I mean that sometimes in a draft there are runs on certain positions, say QB. If you don't want to be left out of a run, you'll want a position in the middle, say positions 3-5. However, if you don't care about runs, you could have 1, 2, 7, or 8. The nice thing about these positions is that you have back-to-back (or close to) picks, so you could start the runs.
The second thing that a lot of people look at is the runningback situation for that year. It's a given that you will take a RB in the first round, so you have to identify the tiers. For example, I think this year there is a drop off after the top 2 (Priest and LT2), then another drop after 5 (Ahman, Duece, and Alexander). So, if you're hellbent on getting one of the top 2, that's where you have to be. However, depending on how many RBs you start (typically 2), you may want to be in the 5-6 range so you can use your second pick for a 3rd tier RB (like Lewis, James, Williams, or Taylor). Otherwise, your second pick will be late in the second (assuming a serpentine format), and you get a 4th tier RB. However, you could consider taking Moss with your second pick, depending on your position.
funny, i was about to ask the same question, but usually eight team leagues get frowned upon at the cafe. hey, sometimes all we can muster is eight good owners. but anyway, i agree with xtreme. it has to be done in tiers. while i dont agree with his, here are mine with some analysis.
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LT
Priest
first you got the top two backs. not really much question to their abilities, possibly holmes's mileage and LT's offense, but these two are the consensus top two picks. the number 2 draft selection assures you to snag one of these guys in the 1st round.
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Ahman Green (up: shooting for 2000 yards, down: fumbles)
Clinton Portis (up: exremely talented, down: new system, many denver rbs flop)
Deuce Mac (up: key part of powerful offense, down: low TD's last year)
Shaun Alexander (up: TD machine, down: some say inconsistent)
then the next 4, which are clearly a level below the top two. they dont have the question marks that the backs below have. the number 6 draft selection assures you to snag one of these guys in the 1st round.
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Ricky Williams (up:skills drafted top 3 last year, down: 3.5 ypc last year)
Jamal Lewis (up: threatened all-time rushing record, down: drug suspension maybe)
Randy Moss (up: best WR in the game, down: taking moss makes you have to use a low quality rb)
Edgerrin James (up: could be the edge of old, down: could not)
Fred Taylor (up: two straight healthy years, down: none before it)
here come the backs with more questions, and also the best WR, Randy Moss, who is taken usually between 8 and 10. these backs all have bigger question marks, but can be top 6 talent if the questions are just that. the number 6 draft selection assures you to snag one of these guys in the 2nd round.
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Marshall Faulk
Kevan Barlow
Domanick Davis
Rudi Johnson
Corey Dillon
Travis Henry
this is where the tier system gets kind of hazy, whether to include Culpepper or Harrison in this group, but i chose to leave them out, as these are the last solid RB2's in my opinion. the number 2 draft selection assures you to snag one of these guys in the 3rd round.
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i'm going to finish this out not specifically for your own good, but for mine and the rest of the small league owners. will edit later to finish out a few more tiers.
I prefer 4-6,as I feel you get the best of both ends of the wrap around each time.Back to back picks are nice,but then you have a long wait of watching all the guys you targeted go in a run.When that run is on rb's,you definitely want to be in the middle of that and get 2,rather than a wr.
i play in an 8 team league with my 4 brothers, me and 3 cousins for bragging rights in my family, i also play in 2 10 teamers and a 12 team keeper. in my family league i like to draft 7 or 8th, actually hate drafting first.
"DAMMIT!!!!! I knew it, I knew it, I KNEW IT!!!!"-Immortal words of The Captain