I never liked the Mr Irrelevant label, last player of the draft really isn’t the last guy in, because there’s still the supplemental draft, and of course undrafted free agency.
The funny thing is that there seem to be a lot more success stories among undrafted players and supplemental picks than among Messrs. Irrelevant. Undrafted FAs like Kurt Warner, Priest Holmes, and Warren Moon, and supplementals like Cris Carter and Bernie Kosar.
Of course, there are reasons other than lack of perceived ability that would cause a good player not to be drafted, but it’s still interesting that some of these teams with the last overall pick could have taken a potential hall of famer with a little better scouting.