His fantasy point total takes drop % and all that into consideration. If he dropped more passes, he would have scored less points.
Unless you just mean he overachieved considerably last season, which is kind of irrelevant to what Muffin is doing, which is analyzing the 2010 fantasy season on it's own. What to expect from Watson this season doesn't matter, everything that's being analyzed has already happened. In fact, expecting him to fall back to Earth is pretty much exactly what to expect if Muffin's analyses thus far are any indication.
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