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It should be a combination of the two.
If the BPA is at a position you have filled, then you look at the next BPA.
And you weigh that against what is available at your positions of greatest need.
I am all about an OT. But, if the top three are gone, then you lose far too much value by going OT.
But, taking a RB who is the perceived BPA is a poor idea too.
And then there is the third factor, of positional value. You don't take a Kicker or Punter in the first round. I don't care that The Raiders got good Kickers and Punters that way. You get good Kickers and Punters in the later rounds, far more often than QBs, or LOTs.