They haven't revealed the formula but it seems like it's the same as in 19 and 18. Positions are still weighted (and TE2 still doesn't count).
This still seems very close as fan-made tools go: https://jscalc.io/embed/9ur3VcBkBlXJWWHi
Its not well explained anywhere, but I agree it seems to be just your starters. I think they only 2 slots that counts are MLB2 and TE2. Doesnt seem to include WR4, WR5, CB4, CB5, just goes 1 - 3. These are just my guesses based on experience. I also dont think the specialists count towards overall, but the Kicker and Punter do.
Quote from WinterSkoldier >> Pretty sure it's just the average of your starters.
I think this is accurate. I know back in the day they weighted positions like QB more then O-line, but it wasn't dramatic.
Any particular reason you want to know, OP? Your team Overall doesn't really mean anything unless you subscribe to the theory that a lower overall gets you better matchups.
Does anybody know the algorithm?
Thanks