Max Homa over Marco Penge

• The raw disagreement is +15.7 pts: our 60.7% against the market’s 45.0% with the juice removed
• The edge survives the blend into the market: -2.0% expected value a unit at +110
• 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.

Published and graded, never staked.

revision 16, rank 1 of 1106 priced sides this week; sealed at fanduel, the best major book (major books only, 2026-08-02); consensus of 2 books

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

• The market holds the other side at 55.0%; we are the disagreement, not the consensus
• Break-even at +110 is 47.6%; our cushion past it is +13.1 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.