[Adam B]

(I wrote this a couple a months ago for someone on Reddit, here's hoping it helps you too):

FHM works differently. The star ratings are relative to the league you're currently employed in (or the NHL if you're unemployed), so the same player will have different star ratings from different perspectives (e.g., an NHL team may see him as 1-star, where he might be 3-star in the ECHL.) Typically, think of it like this:

0.5 - Below level - Don't start this player unless you have to.
1 - Emergency Call up - Start this player when you have to.
1.5 - 13th man/7th Defenseman. - Good to have around and will play some - can play better than expected.
2.0 - Depth - A league-ready player who will contribute when the matchup is right.
2.5 - Bottom 6 forward/low pairing D - Can contribute when necessary.
3.0 - League ready players. Will contribute nightly.
3.5 - 5.0 - Top league players.

Please note though: It's also good to note (Current) Ability vs Potential. A Five star potential with a one star current ability is much better suited for a lower level than playing on your 4th line.
Potential is just the maximum star rating he's expected to reach in the future; he may or may not actually reach it (and there's a small chance he could exceed it as well.


EDIT: This being said, you will see some fluctuation. Some players will play above their level, but are currently at such due to age/injury situations. Their effectiveness may go as the season wears on unless used in specific situations.