In fantasy football, negative regression means a player who has been producing big numbers is likely to slow down because those numbers were driven by luck rather than repeatable skill. Common warning signs include an unusually high touchdown rate, a very high share of his team's touchdowns, dropped passes or turnovers that went uncaptured in the box score, or a scoring pace that is way above anything he has done before. Regression simply means drifting back toward a player's normal level, and when a player has been far above that level, the drift is usually downward.
The key idea is that extreme outcomes in either direction tend not to last. A wide receiver who catches a touchdown on a huge percentage of his catches, or a quarterback who throws far more touchdowns than his yardage would suggest, is a classic candidate to come back down to earth. Fantasy managers use negative regression to decide whether to sell high on a hot player before his numbers cool off, and to avoid overpaying in trades for someone whose stats look better than his play actually has been.
Negative regression is not a guarantee that a player will collapse. It just means the odds lean toward a drop-off because luck has been running in his favor. Some players sustain great seasons because their role, talent, and opportunity genuinely improved. The trick is separating real growth from good fortune, which is why managers look at the underlying stats rather than just the fantasy points.