Max Homa over Marco Penge

• The raw disagreement is +9.8 pts: our 58.3% against the market’s 48.5% with the juice removed
• The edge survives the blend into the market: -2.6% expected value a unit at +100
• 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 9, rank 4 of 1016 priced sides this week; sealed at fanduel, the best major book (major books only, 2026-08-02); consensus of 4 books

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

• The market holds the other side at 51.5%; we are the disagreement, not the consensus
• Break-even at +100 is 50.0%; our cushion past it is +8.3 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.