The Essendon skipper won the Yiooken Award after being voted best on ground in the Dreamtime at the 'G match.
His 28 possessions and three goals equated to 31.6 player ratings points, which saw was the highest tally of the round.
Adelaide midfielder Patrick Dangerfield, who gathered 30 possessions in the Crows' miracle win over North Melbourne, was the other big mover over the weekend.
His dominant performance helped him jump from No. 4 to No. 3.
Dangerfield and Watson have both overtaken Geelong captain Joel Selwood, who has fallen from third to fifth.
Further down the list, West Coast ruckman Nic Naitanui has leapt into the top 10.
Naitanui, who is the No. 1 ruckman, is now ninth on the overall ratings ladder.
Harry Taylor's great form this year has powered him up the charts, with the Geelong swingman this week moving from No. 7 on the defenders' list to No. 2.
Taylor is now rated No. 41 overall.
Gold Coast midfielder Gary Ablett, who picked up 37 touches and booted three goals as the Suns took it right up to Hawthorn at the MCG on Sunday, remains the No. 1 player in the AFL.
Although he had a quiet game against Collingwood on Friday night, Sydney Swans star Josh Kennedy remains at No. 2.
Hawthorn's Lance Franklin and Swans veteran Adam Goodes are the No. 1 and No. 2 forwards, while Shannon Hurn is the top-rated defender.
