Favre’s return is great for fantasy football owners

Brett Favre is back … the fantasy football world can rejoice!

The Vikings will hold a news conference following the team’s 12:40 p.m. ET practice on Wednesday, presumably to announce that the veteran quarterback has decided to return for his 20th NFL season. That news conference can be seen live on NFL.com and NFL Network at approximately 2:45 p.m. ET.

That’s great news for fantasy owners, especially those who have already held their drafts and decided to take Favre or members of the Vikings offense.

Despite the fact that he’s very long in the tooth (let’s be honest), Favre was still a star in fantasy leagues last season.

The old gunslinger finished fourth in fantasy points among all players on NFL.com, throwing for 4,202 yards (his best total since 1998) to go along with 33 touchdown passes (his best total since 1997) and just seven interceptions (his lowest full-season total ever). So if you’re worried about the fact that he’s in his 40s, don’t be.

Favre also has a very favorable schedule in 2010, facing great matchups against the Bears (2), Lions (2), Giants, Eagles, Cardinals and Dolphins. Favre also faces the Packers twice — he threw for a combined 515 yards and seven touchdowns against them last season.

While I wouldn’t rank him in the top five at his positionAaron Rodgers, Drew Brees, Peyton Manning, Tom Brady and Philip Rivers are better options — I still see Favre as a No. 1 fantasy quarterback and worth a low middle-round pick.

His return is also great news for the fantasy value of Adrian Peterson, Sidney Rice, Percy Harvin and Visanthe Shiancoe.

Peterson needs to cut down on the fumbles that plagued him last season, but he’s still worth one of the top two picks on fantasy draft day. While he was already a true superstar before Favre joined the team, Peterson did post a career-best 43 receptions and 18 touchdown runs with old No. 4 at the helm of the offense.

Rice continues to deal with an injured hip and remains on the physically unable to perform (PUP) list, but the Minneapolis Star-Tribune reports that he’s “improving.” There’s still some risk in drafting him, but at least we know that he’ll be catching passes from Favre, not Tarvaris Jackson, upon his return to the field.

Shiancoe, who had a career-best 11 touchdown catches last season, remains a low-end No. 1 fantasy tight end and could be a great late-round bargain in drafts. Harvin, one of he team’s most versatile playmakers, is a more attractive No. 2 fantasy wideout.

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