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The average K rate per 27 outs over Spahn's career was roughly 4.5. You can be pretty sure that when James used 4.5K/9 as the lower limits to the rule, he wasn't talking about the '50s.
Apply the 4.5K/9 rule to a modern context (the 2000s), and that's about 70% of the league average (assuming a 6.5K/9 average). 70% of a 5.5 average gives a "replacement level" of 3.8. Apply it to a 4.5 average; the RL is 3.1.
This really shouldn't be that difficult to grasp.
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