I think the opposite is true. Do your late round draft picks ever see the field? Mine don't because they don't start out with good enough ratings. So, they get buried on the depth chart and progress very little. Let's be honest, in a stat based progression, no one we draft in the 1st round is really going to be a bust. Because we can make sure they have the stats to improve. I can't think of any player I've drafted that turned out to be a bust. I've had some that didn't become great, but they've always been able to solidify a starting position. By year 7 all my players are at least high 80s.
Now imagine a progression model where you can't
pad a players stats to get him to improve. The progression could be based on potential, coaching, work ethic, and playing time. Then late round draft picks may be worth holding on to, especially if they have a unique physical ability like speed, size, or strength... but don't have the total package. Maybe the late round draft pick busts his tail in practice or the offseason to get better while the 1st rounder goes through the motions. The late rounder earns the position and the 1st rounder becomes a bust. I think personally think it would be a lot more fun and immersive for the franchise mode.