Can We Be Successful Not Drafting a QB Until a Late Round?

Yesterday I shared why drafters shouldn't overload on WRs early.  After thinking more about it, a case could be made to wait on picking a QB until late, RBs until late, or a TE until late.  How is this possible?  Let's start with QBs, and figure out a scenario where it makes sense to hold off.

Suppose you're in a 12-team, 1-QB draft where QBs are going just a little bit earlier than expected: Luck and Rodgers in the first; Peyton in the second; Wilson in the early third; and so on.  Why not wait until the 10th or 11th round to grab one of the supposed 11th-15th best QBs: Stafford, Eli, Tannehill, or Rivers?  Any of these guys could be top 7 this year.  Or grab one of three uber-underrated guys I've been touting all summer: Cutler (21 ADP), Palmer (24 ADP), or Dalton (28 ADP)?

If you miss out an elite guy, you could do worse than to stock up on flex guys in the early to mid rounds and then steal a hugely underrated QB or two at the end of your draft.