Why is a player ranked so low when they are projected to have more fantasy points than the player's above him?

Rankings aren't sorted by Fantasy Points because we take into account depth at that position.  The WP Value is a better way to determine a player's relative value against other players.  For instance, QB's get the most points but it's also a very deep position consider must leagues only start 1 QB.  If you're in a 2 QB league, become a member and create your own Custom Rankings.  Your Custom Rankings will take into account your roster settings and you'll see QB's move up the rankings if your league require you to start 2 QB's.