If managers think in the present situation it isn't worth to invest, then they should decide not to invest and use the money in a more valuable way and gain more potential for their team using another strategy.
Theoretically - I couldn't agree more. The problem is that since there is no real knowledge regarding the level of all draft players, such an advise is slightly problematic.
If we know the "possible" range of levels in the draft, and the statistic probability of each level, then, we can decide whether to take this chance or not.
At this point, it is impossible to evaluate the risk and the gain, certainly for beginers, (and their risk is always bigger, since their resources are limited), but if I understand correctly, for vetaran managers after having a draft or two, it is the same.
You are exposed to limited data even on former drafts.
Thus, people are investing just in case. to make sure they don't miss an opportunity. Since for a logical decision - we need more data, the decision is always emotionally biased. Emotionally - the risk of investing always seem to be better than the risk of not investing.
Even some general guidelines in the rules, would help.
For instance, a guideline like: to become a good team, you don't need to rely on the draft, but to become a great team - there is no better option.
Is this sentence true, or not? Can you say that you are certain about the answer?