In the Moutaineer State, that means that the neighbors are all cross-eyed, the horses run from people and you know how many shots of Wild Turkey it takes to get your younger sister really drunk. The problem with that is that if all of the third basemen are being overpriced, then you'd better pay the piper at the hot corner or risk having Manny Alexander's stats stick a hot poker up your ass for the whole season. The greatest problem with projected values is that they are projected values for a league with no keepers, no rooting interests and no tendencies between owners. Thus, they are projected values for a world that is about as realistic as those MTV late-night pseudo soap operas where two girls decide to make out in front of one of their boyfriend's best friends just to try to make the boyfriend jealous. Yeah, and if you just got a mental image of your best friend's girlfriend and her roomate, that was sarcasm - it doesn't friggin' happen.
Values are whatever people are willing to pay.
Values are almost always inflated, so you must be prepared to adjust for that. First of all, most projections are done before positions are settled. Thus, a projections list has to account for a potential value of both Albert Belle and Chris Richard, thus knocking down overall cumulative value of both. But by your auction, Belle's value goes to zero and you ain't getting Richard for six bucks anymore. Then the whole keeper league throws the all projections out the 73rd floor window.