Russell Henley over Ben Griffin

• The raw disagreement is +3.6 pts: our 54.2% against the market’s 50.6% with the juice removed
• The edge survives the blend into the market: -1.5% expected value a unit at -105
• It did not clear the stake floor after doubt: published as a No Play, graded, never staked

A big raw disagreement is not automatically a bet. The market gets a vote: after our number is blended into the devigged consensus and charged for doubt, what is left has to carry a full unit. Here it did not, so the pick published as a No Play and is graded for calibration only.

A measured disagreement, sized to the doubt.

revision 2, rank 5 of 1152 priced sides this week; price is best of 1 books

The read as sealed, written before the gun and never edited after.

• The market holds the other side at 49.4%; we are the disagreement, not the consensus
• Break-even at -105 is 51.2%; our cushion past it is +2.9 pts
• It settles over the full tournament; a missed cut ends it early and variance runs all four days

Edges this size lose often. The record, not any one pick, is the product.