Fantasy Upside
Ezekiel Elliott was an MVP candidate in 2016 and will be one in 2017. He finished last season as the fantasy RB2 in both standard and PPR leagues and his numbers are likely to improve playing behind one of the league's top offensive lines. The offense around him is solid overall, meaning teams can't focus solely on Elliott. His 2015 numbers were impressive: 1,631 yards and 15 touchdowns on the ground.
Fantasy Downside
From a fantasy standpoint, Elliott could do better in the passing game. He caught 32 of his 40 targets for 363 yards and only one score. Dallas has stated they will get him more involved in their air game. If that part of his game improves, it could close the gap between him and the top-two consensus fantasy backs, David Johnson and Le'Veon Bell. Another issue is his off-the-field transgressions that could result in a suspension.
2017 Bottom Line
Rookie running backs can sustain success despite the threat of a "sophomore slump". Elliott is almost a sure-thing to repeat his rookie performance, and even exceed it. He is the third player overall coming off the board behind Johnson and Bell. There's no reason not to take him there, even with a looming suspension.
UPDATE: