Draft day is the most exciting day of a fantasy season. While every Sunday during the season is action-packed and the playoffs are the apex of all your hard work, the draft is where you mold your roster and give your team an identity. Waiver wire selections can make a big impact, but drafting well is the first step for all championship-winning teams. It’s important to be prepared.

While each draft has a different identity, there are dilemmas that are universal to all leagues. Basic strategy - how urgently to go about filling lineup spots, when to draft a quarterback, how to determine a rookie’s value - doesn’t change. Ironing out these wrinkles before your draft begins puts you at a competitive advantage over the owners who develop their approaches on the fly.

Below, you’ll find 10 common dilemmas facing fantasy owners. From basics to more involved decision-making, taking stances on these issues is key.

1.) Troublesome Picks: Nos. 2, 6
The first round is nearly mapped out for you. Decision-making comes down to personal taste in a few areas of the round, something you should be prepared to handle. At pick No. 2, the decision is between Adrian Peterson and Brian Westbrook. At pick No. 6, it’s whether to grab Tom Brady ahead of running backs Frank Gore, Clinton Portis and Marion Barber. If draft order is a random draw, it’s always best to prepare yourself for these decisions.

Your league’s scoring system can help make the choice easier. If, for example, passing touchdowns are worth four points, not six, a running back is a more logical pick than Brady. If you’re in a PPR (points per reception) league, then Westbrook earns extra consideration over Peterson. Know these kinds of ins and outs and don’t be caught off guard come draft day.

2.) When do I draft a quarterback?
Each and every year, the answer to this question seems to get a little hazier. There’s no longer a sudden dropoff from Peyton Manning to everyone else. In fact, Manning is no longer the top-ranked QB in the game. There are quality quarterbacks sprinkled throughout each of the rounds, you must simply iron out which caliber quarterback you take. After Brady and Manning, an owner would do well to wait on the second tier, which includes Tony Romo, Drew Brees, Ben Roethlisberger and Carson Palmer.

3.) Price must be right for declining veterans
… And they usually are. Willie Parker, Edgerrin James and Fred Taylor are feature examples. These players may not make you feel all warm and fuzzy inside, but they have a place in fantasy football. The key is to put them in positions on your roster where you’re not ultra-reliant on their production. Chances are, the game’s elder statesmen will fall to good bargain positions. Be aware and ready to pull the trigger when prices are rock bottom.

4.) Wideouts highlight Round 3
The head of this year’s wide receiver class runs 15 deep, which means that a.) it’s easy to get a piece of the action, and b.) it’s more important than ever to select a receiver in the first five rounds. The third round is a good time to start looking with names like Braylon Edwards, Larry Fitzgerald, Steve Smith, Andre Johnson, T.J. Houshmandzadeh and Marques Colston likely to be on the board. Any one of those guys would act as a serviceable No. 1 receiver.

5.) Rookie unknowns, timing their risk vs. reward
With 10 or 12 owners in a league, being the first to jump on board with a hot rookie can be an impossible feat. There is always “that guy” in a league who will jump take youngsters at least one round too early, making it hard for a rational mind to get a piece of the action.

Look, adding players with no track record takes some adjustment. The price has to be right, but it also helps when an owner can prep the rest of his roster to absorb some of the risk. In order to draft a Darren McFadden, you should have a top shelf No. 1 running back on your roster.

Likewise for No. 3 running back candidates Matt Forte and Jonathan Stewart. Set up your roster so these guys are luxuries, rather than relied-upon contributors. If they flame out, it’s important to have a contingency plan in place.

6.) WRs: Lack of height, lack of consistency
This is a personal preference. I don’t like smallish wide receivers who don’t play a big role in their team’s possession game. Santonio Holmes, Donte’ Stallworth and Santana Moss are a few examples. Inconsistency just comes with the territory when these guys rely on home run deep passes to score their fantasy points. The touchdown well often runs dry, which leaves these types of players with lines like: 3 catches, 21 yards, 0 TDs.

Other slightly built receivers like Wes Welker and Torry Holt are used differently by their teams. Both are key players in helping to move the chains, so they are naturally more consistent because they make more catches. Of course, there is a tradeoff because possession guys have less TD potential, but there’s a comfort factor in knowing what to expect each week. This is especially important in PPR leagues.

7.) Tight End no longer an emergency
There is more parody than ever at the tight end position, as NFL teams are searching for what the Chargers found in Antonio Gates. Better athletes and pass catchers are invading the league in the same mold, which makes high-upside options available in most stages of the draft. While catching a piece of the top three - Gates, Jason Witten and Kellen Winslow - is a nice luxury, the gap from No. 1 to No. 15 has closed dramatically.

8.) Middle-tier QBs; know who you like
Who you target as your quarterback plays a big part in determinig your draft strategy. In traditional formats, you may never get the chance to even consider drafting Brady or Manning in the first two rounds. Pinpoint the quarterback(s) you’d like to lead your team and estimate the round in which you’ll have to pull the trigger on him. Exceptions do happen, but pre-draft rankings are a good way to assess when your opponents will select players.

9.) New offensive coordinators, new values
It’s no longer enough to just know which players have changed teams during the offseason. You must also get up to speed with which coordinators will be wearing new visors and polos in 2008. Some systems are more fantasy-friendly than others, so players values can peak and valley based on the types of plays called for them.

Mike Martz is always a good name to know. He’s in San Francisco now, which could serve to benefit Gore and wide receivers Arnaz Battle and Isaac Bruce. Jim Zorn is the new head coach in Washington, but will have an influence on the play-calling. Clinton Portis may be used in more unique ways, namely catching passes out of the backfield. Cam Cameron made Ronnie Brown a fantasy star in Miami early last season; now Cameron is in Baltimore, where he could do the same for backs Willis McGahee and Ray Rice.

10.) Defenses and kickers; can afford to wait
Backups and handcuffs should, and do, take precedent over starting defenses and kickers. There are simply too many similar options available for fantasy’s two least relevant positions, so they head to the back of the line in favor of backup quarterbacks, running backs and wide receivers.

Two defenses and two defenses only can make you reconsider this approach: the Minnesota Vikings and San Diego Chargers. These two units are likely to go off the board between the 10th and 12th rounds and are worth selecting ahead of key bench players. After them, you’ll do well to build depth first, then take a sleeper defense in the later stages of the draft.

Dustin Hockensmith is editor of ImaginaryGridiron.com. He can be contacted at dhockensmith[at]fantasysports101.net.