The 2012 NFL Draft begins at 8 pm ET on Thursday, April 26th with the first round. The second and third rounds will be held on Friday (beginning at 7 pm ET), while the remainder of the draft will finish up on Saturday (12 pm ET). Coverage is on ESPN and the NFL Network.

Throughout the first two days, I'll be updating this page with live analysis of the fantasy implications of each skill position pick. I'll also be checking in on Saturday to summarize the mid- to late-round picks. Since opportunity is crucial for a rookie, I'll give a grade for each early pick given the player's opportunity for playing time.

ROUND 1

1.01 - Indianapolis Colts - QB Andrew Luck, Stanford

This pick was confirmed a few days ago, so no real surprise here. Luck is considered to be as close as a sure thing as there has been at his position in the last decade. He's tough, accurate and has a great grasp of the game. He finished 31-7 as a starter at Stanford. His arm strength is good, but not elite. He's not the athlete that RGIII is, but his 40-yard time (4.67) ranked 4th amongst the 14 QBs that ran at the combine, so he has the speed of a Sam Bradford (4.70) or Tim Tebow (4.72), and has proven capable of making plays outside the pocket.

That said, the Colts will trail a lot, so Luck should be throwing the ball plenty in 2012. Given his talent, he looks like a low-end QB2 with upside, but remember -- rookie QBs are generally risky fantasy picks. Luck should start from the get-go.

Opportunity: A+

1.02 - Washington Redskins - QB Robert Griffin III, Baylor Again, no real surprise here. The Redskins traded four picks (this year's 1st and 2nd round picks, 2013's 1st rounder and 2014's 1st rounder) to acquire the 1.02 pick to take RGIII and that's exactly what they did. The 2011 Heisman winner is capable of making throws from the pocket, but his athleticism and intangibles are what has him going #2 overall. He ran a 4.41 at the combine, which was the fastest time by a QB since ESPN has been keeping track. He went 17-9 as a starter over his last two seasons and rushed 12.6 times per game for an average of 51 yards, which includes sack yardage per NCAA policy. His arm strength is better than his accuracy, but he is a quality individual, a good student and has great leadership skills. With the Redskins, he'll have Pierre Garcon Fred Davis and perhaps Santana Moss to throw to. Griffin may be overrated by those heading into fantasy drafts looking for the next Cam Newton , but he's certainly should be worth a flier in the later rounds as a QB2 with upside. Keep in mind that he's three inches shorter and 17 lbs lighter than Newton, so he won't be the battering ram that the Carolina QB is around the goal line, but his terrific speed should allow him to make some Mike Vick-esque plays in the open field. Like Luck, RGIII will likely start in Week 1. Opportunity: A+ 1.03 - Cleveland Browns - RB Trent Richardson, Alabama The Browns traded their 4th, 5th and 7th round picks in this year's draft to move up one spot from 1.04 to 1.03 to take Richardson, the consensus top RB in the draft. He's coming off a season where he rushed for 1,679 yards on 283 carries (for a 5.9 YPC) while scoring 21 TDs as a junior. He also caught 21 passes for 338 yards and three scores, so he can handle a big workload. He was coming off of minor knee surgery and didn't work out at the combine, but he ran the 40-yard dash in 4.58 seconds at his pro day (reportedly at less than 100%), which is about what Mark Ingram ran (4.62) at last year's combine. ESPN's Todd McShay said that Richardson is the most talented RB to come out since Adrian Peterson in 2007 and that there's "nothing that he can't do." He played behind a great offensive line at Alabama, so there are some who worry that he won't be able to get to the linebackers and safeties as easily. With the Browns , he'll immediately see a big workload as he replaces Peyton Hillis as the team's primary ball carrier. As the Browns ' RB1, he'll likely be a 3rd round pick in fantasy drafts and perhaps the top overall pick in dynasty formats. Opportunity: A+

1.05 - Jacksonville Jaguars - WR Justin Blackmon, Oklahoma St.

The Jaguars moved up from 1.07 to 1.05, giving the Buccaneers a 4th round pick, in addition to 1.07.

Blackmon followed up his terrific sophomore season -- 111 receptions for 1,782 yards and 20 TDs -- with 121 catches for 1,522 yards and 18 TDs in his junior season to earn his second straight Biletnikoff Award (given to the country's top WR). He has prototypical height and weight for a wideout to go along with excellent ball skills (strong hands, attacks the ball, great adjustment, etc.). He didn't run the 40-yard dash at the combine, but ran it in 4.46 seconds at the OSU pro day. That would have ranked 12th out of the 41 WRs who ran at the combine and is comparable to the times of previous draftees A.J. Green (4.48), Demaryius Thomas (4.50) and Jeremy Maclin (4.43). The main knocks are his lack of explosion off the line of scrimmage and his route running, which is not sharp due to his long stride.

In Jacksonville, he joins newcomer Laurent Robinson and veteran Mike Thomas to form a talented yet unproven receiving corps. The key to Blackmon's upside is the play of QB Blaine Gabbert , who had a rough rookie year. If Gabbert can take a step forward in his sophomore season, Blackmon should be a fantasy factor. Look for him to be a mid- to late-round pick (8th-11th) in fantasy drafts.

Opportunity: B+

1.08 - Miami Dolphins - QB Ryan Tannehill, Texas A&M Tannehill seems to be the consensus third-best QB in the draft. The Aggies finished 7-6 in 2011, but he led Texas A&M to six straight wins after taking over the starter in the middle of 2010. He has good speed, but broke his foot after the season, so he was unable to show off his athletic ability at the combine. He did run the 40-yard dash in 4.58 seconds at his pro day in March. He's more accurate with the short and intermediate stuff at this point, and has good touch despite small hands for the position. He comes from a pro style system and shouldn't have a tough time picking up an NFL offense quickly. He'll join the Dolphins as their QB of the future, but he'll likely have to compete with Matt Moore and David Garrard for the starting job. Moore wasn't bad in 2012, so it's no sure thing that the rookie will start right away. Regardless, the Miami WR corps is currently a mess, so whoever is starting isn't a great fantasy option at this point. Opportunity: B- 1.13 - Arizona Cardinals - WR Michael Floyd, Notre Dame Floyd caught 100 passes for 1,147 yards and nine TDs in his senior season in South Bend. He is bigger than Blackmon and possesses similar speed, running a 4.47 40-yard dash at the combine. Physically, he has a great combination of size, weight and speed. He has good body control and ball skills, though his route running is a little sloppy at times, so he may need time to improve in that area to become productive at the next level. He has had several alcohol-related incidents that led to a suspension from the team, but he has apparently matured during his senior year. He lands with the Cardinals , who already have a bona fide WR1 in Larry Fitzgerald . Quarterback play (i.e. Kevin Kolb ) is not ideal, but there is some opportunity for Floyd to work his way into the WR2 role, though Andre Roberts and Early Doucet will have something to say about that. Floyd is a player to watch, but unless he can win the WR2 job early, his fantasy value will be limited in 2012. Opportunity: B+

1.20 - Tennessee Titans - WR Kendall Wright, Baylor

Wright had a terrific senior season, racking up 108 catches for 1,663 yards and 14 TDs. He did not run well at the combine (4.61) but his pro day time of 4.44 seconds is more reflective of his football speed, which enabled him to catch the deep ball frequently while at Baylor. He's on the small side, but is quick off the line and is able to create separation in the secondary. Lack of overall strength is common for a receiver of his size, but he has the speed and quickness to contribute immediately.

Wright joins a Tennessee receiving corps that includes Kenny Britt Nate Washington and Damian Williams . He probably won't start immediately, but is a player to monitor throughout the summer.

Opportunity: C+